Just this August, the Miami single-family home market had what was its best year in 22 years setting the record for the most ever single-family home sales, according to the MIAMI Association of Realtors. As the highest dollar transaction volume and median prices posting double-digit gains, the home sales showed an 8.7 increase from the same month in the previous year with 1,239 single-family home sales in Miami Dade County.
Soaring 16% was the single-family home dollar sales volume which reached $569 million. With home prices consistently rising for 57 consecutive months, this marks one of the highest points in Miami real estate in the past decade.
With a lack of local buildable land, purchasing a Miami single-family home is one of the wisest investments you can make. Home buyers are increasingly focusing on mid-market priced Miami homes. A significant growth in mid-market sales coupled with increased non-distressed or traditional home purchases catapulted Miami real estate to a historic month. – Mark Sadek, 2016 MIAMI Chairman of the Board
Also fueling the impressive sales activity: historically low mortgage rates and Miami’s growing population.
Equally as impressive is the surging total sales volume that reached nearly $1 billion dollars, topping off at $954.4 million, and do not include Miami’s multi-billion dollar new construction condo market.
In the luxury market segment, Miami real estate sold 57 existing condominiums priced at $1 million or above in August, a 3.6 percent increase over last year.
With cash buyers representing over 40% of August’s total closed sales, Miami’s cash buyers represent nearly twice as many as the national average which is 22%. This statistic reflects South Florida’s ability to attract high-net-worth individuals and international buyers who are more likely to purchase even luxury properties in cash.