The third quarter of 2015 proved to be another success for home sales in Miami-Dade County, rising once again. Both single family homes and condominiums contributed to just over 7,800 residential sales during July to September, per the Miami Association of Realtors. When compared to sales figures of 2014, these numbers represent a small but significant 2.4 increase.
Though transactions largely increased, condominium sales slightly dropped, a 0.8 percent decrease from 2014. Single family homes, on the other hand, saw a considerable bump of 4.1 percent in closings.
What’s causing the ups and downs in these two property types? It may be a good old fashioned case of supply and demand. Townhouses and condominiums in Miami-Dade County have seen a considerable boost of 11,835 units from 11,133 last year, representing a 6.3 percent increase. Factoring in the existing pace of sales, there is currently a supply of about eight months, which is considered the near limit for a healthy market. Single family home supply dropped to 10,799, which is about 5.4 months of stock.
When it comes to actual prices, there was good news across the board thanks to median price increases of $250,000 to $273,000 compared to last year for single family homes. The median price of condos also went up from $189,900 to $199,000.