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Home sales, prices up in South Florida
The median price and number of homes sold in South Florida in February rose year-over-year, according to data collected by local Realtors’ groups.
In Miami-Dade County, single-family home sales grew 14.2 percent last month compared to February 2014, the Miami Association of Realtors said. Single-family home sales were up nearly 2 percent compared to January 2015.
Existing condo sales were up 1.4 percent year-over-year and 10.4 percent compared to January, even as a glut of new luxury units goes up downtown and on the beach.
Inventory also rose year-over-year. The number of single-family homes on the market in Miami-Dade increased by 3.5 percent, rising from 6,113 active listings last year to 6,330 last month. Condo inventory was up 12.1 percent, growing to 12,023 from 10,723 listings.
In Broward County, single-family home sales increased by 6.4 percent year-over-year while condo sales rose by 1.2 percent, according to Greater Fort Lauderdale Realtors.
Single-family listings grew 1.2 percent and condo listings grew 6.2 percent for condos compared to last year.
The housing market in South Florida has been growing steadily since it tanked during the recession.
Statewide, single-family home sales were up 19 percent year-over-year. Condo sales were up 7.4 percent.
Median prices also increased locally.
In Miami-Dade, the median sales price for a single-family home increased to $245,000, a 7.9 percent percent gain from last year’s figure. The median sales price for a condo rose to $189,000, up 6.8 percent.
Meanwhile, all-cash sales declined slightly from last year’s figures, falling from 62.5 percent of all transaction in February 2014 to 58.8 percent of all transactions last month.
Foreign buyers — who have fueled Miami’s real estate recovery —are more likely to pay cash. A strong dollar and tumbling currencies abroad have weakened the ability of foreigners to buy property in Miami.
Nationally, about 26 percent of sales were all-cash deals last month, reflecting the importance of foreign wealth to Miami’s recent growth.