" The Miami single-family home market enjoyed its best August in history, breaking a 22-year record for the most ever August single-family home sales as dollar transaction volume and median prices posted double-digit gains, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS)"
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Miami-Dade County beat the August 1994 record of 1,232 in sales with 1,239 single-family home sales this August.
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Last month’s sales total is an 8.7 percent increase from the 1,140 single-family homes sold a year ago.
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Total single-family dollar sales volume soared 16 percent to $569 million as median prices jumped 14.5 percent to $300,000.
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Home prices have risen for 57 consecutive months, a streak spanning nearly five years.
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Median sale prices for single-family homes jumped 14.5 percent, increasing from $262,000 to $300,000. Existing condos experienced 5.7 percent price growth, climbing from $203,500 to $215,000.
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Miami real estate home prices have risen for 57 consecutive months, a streak spanning nearly five years. Condo prices have increased in 61 of the last 63 months.
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Sales for Miami single-family homes priced between $200,000 and $600,000 jumped 33.6 percent year-over-year in August, increasing from 633 to 846.
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The $200K to $600K sector represented 68.3 percent of total Miami single-family home sales in August 2016.
Single-family homes have a 5.7-month supply, which indicates a sellers’ market.
Existing condominiums have an 11.7-month supply, which indicates a buyers’ market. A balanced market between buyers and sellers offers between six and nine months supply of inventory.
