Miami-Dade Record Breaking Home Sales in 2015
2015 was a great year for the Miami real estate market, breaking the all-time record for single-family home sales.
According to the Miami Association of Realtors, there was approximately 14,000 single-family homes that sold in Miami-Dade County last year, an increase of 3.1 percent in from 2014.
Last year was the third straight year of record-breaking sales in Miami-Dade, with the expectation for 2016 to continue on strong. The trend is likely to continue this year due to low inventory of single-family homes, in combination with lack of room for new builds.
In addition to the number of home sales, Miami-Dade has seen a substantial increase in prices, hitting $285,000 in 2015, an 8.2 percent gain from 2014.
Unfortunately, condo sales did not have the same outcome as single-family homes. An abundance of new condo construction east of Interstate 95 along with currency woes for the Latin American and European buyers who are seen as large investors in the Southern Florida market, condo sales struggled. 2015 saw approximately 16,000 condo sales, a reduction of 2.8 percent from 2014.
While condo sales went down, there was still a 5.3 percent increase in condo prices from 2014 to 2015.
What do you think 2016 holds in store for Southern Florida real estate? Do you think this will be the fourth consecutive year of record-breaking sales? Let us know your thoughts below!