Despite all the negative articles and doomsday predictions that have started to circulate around South Florida, the latest report by the MIAMI Association of REALTORS® (MIAMI) shows a different picture with a steady increase of median prices and dollar volume year-over-year in January for single-family home sales in Miami-Dade county, with single-family home sales rising 4.4 percent, while Median sale prices ($310,000) and dollar volume ($397 million) expanded 14.8 percent and 7.1 percent, respectively in January 2017.
The Miami single-family homes market is coming off a 2016 in which it posted the third-most annual sales in county history. Sales for mid-market Miami single-family homes, or properties with a value between $200K and $600K increased 22.5 percent in January, from 476 to 583. Homes in this range represent 33.7 percent of total Miami single-family home sales, while sales for Miami single-family homes listed from $600,000 to $1 million increased 62.3 percent in January, from 53 to 86 transactions.
Despite a decrease of 9.8 percent year-over-year in existing condo sales (which are competing with a robust new construction market) Total existing Miami-Dade County residential sales, which posted a record year in 2013 and near record years in 2014 and 2015, decreased 3.3 percent year-over-year from 1,790 to 1,731.
As Christopher Zoller, the 2017 MIAMI chairman of the board says “Miami real estate opened 2017 with strong sales for single-family homes. There is high …
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