Miami Summer Sales
MIAMI — Miami’s single-family home market continued its strong selling pace by registering its second-most June transactions in history, and the $1 million-plus luxury sales segment rose for both single-family homes and condominiums, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
An average 42.3 Miami single-family homes were sold per day over the last four months, one of the best four-month selling stretches in Miami real estate history. June 2017 saw 1,346 single-family home sales, second only to the 1,390 transactions in June 2015. Miami-Dade County recorded 5,158 single-family home sales in the last four months, from March 2017 through June 2017.
“Miami real estate has seen four consecutive months of single-family sales growth while condominium sales have increased in two of the last four months,” said Christopher Zoller, 2017 MIAMI chairman of the board. “Buyer demand and impending interest rate hikes are fueling purchases as buyers want to get settled in their new Miami homes before the school year begins.”
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage declined to 3.90 percent in June. The average commitment rate for all of 2016 was 3.65 percent.
Total Home Sales Increase
Total existing Miami-Dade County residential sales — which posted a record year in 2013 and near record years in 2014 and 2015 — increased 1.1 percent year-over-year from 2,639 to 2,669.
Sales for Miami single-family homes increased 3.9 percent year-over-year, from 1,296 to 1,346. Sales for existing condominiums, which are competing with a robust new construction market, decreased 1.5 percent year-over-year, from 1,343 to 1,323.
The existing condo market could see future growth, according to new pending sales data. The number of existing Miami condo properties that went under contract in June rose 4.2 percent year-over-year.
Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.
Source: Miami Association of Realtors