Miami Market Update August 2017
The total sales volume in Miami-Dade increased 3.1% from the 2nd quarter volume of one year ago.
The median price of a single family home rose to $328,300, in the 22nd consecutive month of growth.
Sales of existing condos fell modestly, by 2.6%.
It has been very active spring and summer. The increased number of summer sales and buyers is unusual, since the summer is often slower with many people on vacation.
In Broward, the median price of a single family home reached $340,000.
In Miami cash sales comprised 38.6 percent of all transactions, which may be an indicator that foreign investors are returning to the market in 2017.
More than half, 53.5% of all condo sales, were cash, while 23.9% of single family home sales were cash.
The supply and absorption rate in each neighborhood at various price points for single family homes or condominiums is what I study when I sell property and work with buyers.