Miami Real Estate Condo Sales Jump 70 Percent In May

Inventory Of Residential Listings Has Dropped 19.3 Percent

Miami condo sales increased by a margin of 70 percent in May, compared to the same month a year ago. Compared to the same months two years ago, condo sale in Miami increased 131.4 percent according to the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service.

The median sales price for both, houses and condos has risen for two consecutive months and Miami leads the nation in sales and price stabilization. The median sales price for a single-family home in the Miami Metropolitan Statistical Area (MSA) increased one percent to $196,700 and compared to the previous month, the single-family home median sales price increased 2.5 percent.

The average sales price for residential properties increased 15.6 percent in May in Miami-Dade County and the average sales price for condominiums increased 2.2 percent during the same month.

The inventory of residential listings has dropped 19.3 percent from 30,631 to 24,721. The average days a property stays on the market has decreased 7.4 percent.

The data indicates that the Miami real estate market in Florida has hit bottom and is in the process of stabilizing across most property types. Private capital – both foreign and domestic – continues to enter the state of Florida in search of quality investment deals.

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