Hurricane Irma Delays Miami Home Sales

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Hurricane Irma Delays Miami Home Sales

The Miami real estate market got its first glimpse of what Hurricane Irma did to residential sales in September. As expected, hundreds of transactions were stalled as buyers and sellers experienced delays including rescheduling inspections and appraisals and clearing storm debris.

Miami single-family homes sales declined a whopping 35.8 percent year-over-year in September, from 1,066 to 684, while condo sales decreased 24.4 percent.

Despite this slowdown, single-family home prices rose 6.5 percent in September 2017, increasing from $314,500 to $335,000. Miami single-family home prices have now risen for 70 consecutive months, nearly 6 years. Condo prices rose 7.1 percent, from $219,000 to $234,500 in September.

If you are interested in buying, selling or renting in Miami, feel free to contact Alex to discuss.