Where’s the ceiling? Miami-Dade home prices climbed last month
Miami’s single-family homes got more expensive last month, according to a new report Monday, and prices across the market are expected to increase with the arrival of more international buyers.
The median sales price grew by 3%, to $515,000 in July from $500,000 in June in Miami-Dade County, the Miami Realtors Association’s July sales report found. The price ties sales in April.
Condo prices remained steady month to month at $340,000.
Prices decreased in Broward. Houses experienced about a 1% dip, to $495,000 in July from $498,203 the month before. Condos saw about a 3% decline, to $215,000 last month from $221,000 in June.
The price stagnation or decreases are a temporary relief for buyers, said Adrian Burke, a Realtor with One Sotheby’s International Realty.
“We are going to see more people coming from Canada and South America,” Burke said. “As soon as they are allowed to come in, we are going to see more people fight over properties again.”
The Biden administration extended non-essential travel restrictions three days ago until the end of September.
Miami-Dade
Overall, real estate sales rose by 57.7% year-over-year, to 3,632 transactions from 2,303 transactions.
The county has 2.2 months of supply of single-family homes and 4.9 months of condos.
Median sales prices rose for houses by 25.6% when comparing July 2020 to July 2021 — to $515,000 from $410,000 — and by 30.8% for condos — to $340,000 from $260,000.
Nearly all single-family home sellers got what they wanted — houses closed at 99.6% of the listing price, up from 95.9% last year. Condos closed at 97% of the listing price in July, higher than 93.8% last year.
Cash buyers comprised 38.9% of total sales, up from 27.8% in July 2020. Miami-Dade had more cash buyers than most other U.S. counties — the national average is 23%.
Broward
Residential sales rose by 23.9% year-over-year, to 3,679 in July from 2,970 in July 2020.
Broward has 2.2 months of supply of houses and 1.5 months of condos.
Median sales prices climbed for single-family homes by 23.8% — to $495,000 in July 2021 from $400,000 in July 2020— and jumped by 10.3% for condos — to $215,000 last month from $195,000 in July 2020.
One hundred percent of single-family homeowners got their full asking prices, an improvement from owners last year who got 96.9% of the listing price. Condos closed at listing 97.8% of the time, up from 95% in July 2020.
Cash sales comprised 38.5% of all sales, up from 27.4% in July 2020. Broward had more cash buyers than most U.S. counties — 38.5 percent vs. the national average of 23%.
This story was originally published August 23, 2021 at 7:04 PM.
