Single-family Market Surges, Best March in history
When people claim Miami’s real estate market is slowing down, they must not be talking about single-family homes.
March 2017 was the best March in history in terms of home sales, with over 1,276 homes sold in Miami-Dade, surpassing the previous record of 1,242 in March 2015. First quarter 2017 overall was a strong quarter as median prices rose 16%, from $275,000 to $320,000.
The mid-market ($500k – $1M) continues to surge, with 444 home sales in Q1 2017, the most for a first quarter in over 10 years. This is a significant increase, considering the past 3 first quarters averaged 352 home sales.
The continued decrease in distressed sales (foreclosures, etc.) is another sign of a healthy market. Only 11% of all residential sales were distressed in March 2017, compared to 19.5% in March 2016. Long gone are the days of 2009, when 70% of all sales were distressed.
Median Sales Price, Past 5 years
Single-family homes, Miami-Dade County
Whether you’re interested in buying, selling or renting in Miami,
contact Alex to discuss. – Alex Larmier | 786.301.5357