Miami single-family home sales increase in January, condo sales decline

Posted on 24 Feb 2015 in Miami What's New | 0 comments

soldHome prices in Miami-Dade continued slow but steady growth in January, a sign that the housing market is plateauing after making up much of the ground lost during the recession.

The median sale price for a single-family home hit $237,500 last month, up 5.6 percent from $225,000 a year ago, according to a report released Monday by the Miami Association of Realtors.

The number of home sales also increased 6.5 percent in January compared to the same time last year.

But condo sales fell 15 percent in January after a year of near record-setting growth. That’s in part because rising prices make condos a less attractive deal for investors — the median sale price for condos last month was $188,500, up from $130,000 at the beginning of 2012.

The percentage of condos purchased in all-cash deals also declined slightly, from 72.3 to 70.5, reflecting a dip in foreign investment as the dollar strengthens and oil prices remain low. Ninety-percent of foreign buyers close deals with all-cash.

Meanwhile, the median price for single-family homes in Broward County grew slightly to $260,000 in January, up 1.9 percent from $255,000 last year. The price for a condo rose to $121,250, up 3.4 percent from $117,250 last year.

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