Before December, the area of Miami was on track to break the all-time home sales record with almost 13,000 homes sold. For the past five years, the Miami-Dade area has put up a home sales record that it continues to beat, year after year.
When you take a look at the sales figures that were posted in November, there is no question that this area is on track to do it, yet again.
In the previous month alone (November) the Miami-Dade area saw a total of 907 single family homes sold – see website for recent Miami home sales. This brings the total for the year to an impressive 12,857 – just through the month of November.
Setting New Records
The record for the 2014 calendar year was 13,521, which means that it will not be impossible to reach and overcome. This actually equated to 21 homes sold each day, or one home per hour for the entire month of December.
This impressive sale momentum is not going to end anytime soon, either. This trend is expected to continue moving strong well into 2016, with more developments being offered and more homes coming available.
Also, the median sales price for the single family homes in the Miami-Dade area were $274,900 back in November, which was up a total of 12.2 percent from the previous year. For the condos, the prices increased by to an average cost of $203,000, which represents a seven percent increase when compared to the same period in the previous year.
Declines in some Real Estate Sectors
Even though they are nearing the record, the residential market for the Miami-Dade County is still seeing some declines. For example, the sales that were posted for November by the Miami Association of Realtors was down by 6.7 percent when compared to the year over year numbers for the single family homes in the area. However, the number of new listings being sold is still going up. In fact, the total number of new listed single family dwellings that were listed during November was up by 3.5 percent to 1,785 from the previous year’s listings from November of 1,725.
The Thriving Condo Market
However, there is another side. The condo market in Miami-Dade has sped up in the previous months and the sales are going up with more units available than ever before. The sales for the current condos for the month of November increased by 1.9 percent from last year and jumped from just 1,077 total closings to a total of 1,097 closings this year.
There is no question that the number of new listings for condos in the Miami-Dade area is going to continue to increase. There are at least 11 projects in the planning or construction phases, which equates to almost 4,000 new units, coming in the next five to 10 years. While the increase in condos from the previous month was only 12.2 percent, this is a trend that is going to continue for the foreseeable future. While these condos are coming in quickly, they are also highly sought after, which is helping to strengthen the economy.