Home Prices in Miami area increase 5.9 Percent Annually as of May 2016
According to a new report by the Miami Association of Realtors, Miami home sales increased for the fifth consecutive month and all existing residential properties posted price gains in May 2016.
The median sales price for existing single-family homes rose 4.6 percent year-over-year in May 2016, from $282,000 to $295,000. Home prices have increased for 54 consecutive months. The median sales price for existing condominiums grew 2.5 percent to $214,250 from $209,000. Miami existing condo prices have risen in 58 of the last 60 months, a stretch encompassing five years.
"Miami real estate remains a bargain worldwide," said Mark Sadek, a Coral Springs Realtor and the 2016 M.A.R. chairman of the board. "Miami-Dade County residential properties are at 2004 price levels. Domestic and international home buyers are taking advantage of Miami's prices compared to other world-class global cities."
A 120-square meter condo in Miami-Fort Lauderdale-Miami Beach cost $149,900 on average, according to the National Association of Realtor (NAR). Prices for the same condo in London ($960,840), Hong Kong ($776,280), and New York ($1.6 million) are at least five times higher.
Historic-low mortgage interest rates are attracting home buyers. The average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.60 percent in May, which is the lowest since May 2013 (3.54 percent).
Transactions in Popular Price Points Rise
Mid-priced Miami homes are seeing increased sales. One-family homes priced between $200,000 and $600,000 saw a 5.9 percent year-over-year increase in May, growing from 716 to 756. The sector represented 64.1 percent of total Miami home sales in May 2016.
Existing condos priced between $150,000 and $300,000 saw a 12.0 percent-rise in sales in May, increasing from 482 transactions to 540. This sector represented 43.0 percent of total existing Miami condo home sales in May 2016.
Miami Real Estate Selling Faster and Close to List Price
The median number of days between listing and contract dates for Miami home sales fell 16.9 percent year-over-year to 49 days. The median number of days between the listing date and closing date for properties dropped 13.3 percent to 98 days.
For condos, the median time to contract decreased 13.5 percent year-over-year to 64 days. The median number of days between the listing date and closing date decreased 9.3 percent to 107 days.
The median percent of original list price received for one-family homes was 95.3 percent in May 2016, an increase of 0.1 percent. The median percent of original list price received for existing condominiums was 94.2 percent, an increase of 0.1 percent.
National and State Statistics
Nationally, existing-home sales sprang to their highest pace in almost a decade. Total existing-home sales grew to a seasonally adjusted annual rate of 5.53 million in May 2016, which is 4.5 percent higher than May 2015 (5.29 million). It's the highest annual pace since February 2007 (5.79 million).
Statewide, closed sales of existing homes totaled 25,518 last month, up 4.5 percent over the May 2015 figure, according to Florida Realtors.
If you are looking for a residence -rental or residential at the Miami area or wider Florida, we will be glad to help you. We have an outstanding variety of luxury and bargain properties in South Florida, our staff is on hand to assist finding you a suitable home in this exciting part of the USA. For more details and detailed guidance about properties in Florida, please refer to our website www.ecsmproperty.uk.com
