Real Estate News

Double-digit growth in sales of Miami-Dade homes and condos

AP - file photo

Sales of existing Miami-Dade single-family homes and condominiums in the mid-market range have grown by double digits since 2015, despite an overall decrease in residential property sales across the county, the Miami Association of Realtors reported Tuesday.

Sales of existing single-family homes in the $200,000 to $600,000 range, which accounted for 59.5 percent of all Miami single-family sales between January and March, grew by 10.6 percent compared to the same period in the previous year. The actual number of sales increased from from 1,596 to 1,765.

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Sales of existing condos in the $150,000 to $300,000 price range — 38.9 percent of all condo sales in the same three-month period — increased by 12.8 percent year over year, from 1,148 to 1,295 transactions.

“Miami real estate priced in the mid-market continues to be a major attraction for home buyers from all over the world,” said Mark Sadek, Miami Association of Realtors chairman, in a statement. “Today’s historic-low mortgage rates and South Florida’s diversified and growing job market are encouraging more consumers to purchase property in one of America’s most dynamic cities.”

The overall drop in the number of existing residential sales across the county — a decrease of 8.9 percent for the same quarter year-over-year — is attributed to the increase in new condo units, which have lured consumer away from resales, say experts.

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