September proved to be another good month for Miami-Dade County. Per the Miami Association of Realtors, single-family home sales rose nearly three percent when compared to September 2014, from 1,166 to 1,200. Not only are more single-family homes being sold, the time they spend on the market before being sold has also decreased. Although existing sales of condominiums saw a small drop, they are also spending fewer days on the market and are being sold at a higher median sales price. In fact, Miami’s condo market will likely close out the year as one of the top local sales years on record.
Speaking of reduced days on the market, many Miami properties are selling close to the asking price, further solidifying that demand remains high among consumers. The average original list price percentage received was 95.9 percent, also representing a small increase of less than one percent from last year. The median number of days on the market for Miami single-family homes dropped nearly twenty percent to 37 days in September from 46 days in September 2014.
What’s contributing to the continued sales gains? Part of it may have to do with mortgage rates that continue to remain low and have spurred buying activity. A 30-year fixed mortgage carries an average interest rate of 3.89 percent, lower than the 4.16 percent in 2014.
This update is brought to you by Julian Johnston of Calibre International Realty. Julian specializes in Miami waterfront homes as well as Miami Beach luxury condos like Apogee South Beach, the two Continuum buildings, the Portofino Tower, and more. Call 305.502.3985 for any questions about Miami real estate or Miami Beach real estate.
