Miami Real Estate October Market Summary

Miami Real Estate October Market Summary

Miami continues to experience population growth, interest from foreign and domestic second home buyers, and economic expansion," said 2014 Chairman of the Board of the Miami Association of Realtors Liza Mendez. "The Miami real estate market continues to strengthen due to demand for local properties, as evidenced by sales that exceed record activity in 2013."

2,712 Residential Sales in October

Single-family home sales in Miami-Dade County increased 13.6 percent relative to October 2013, from 1,060 to 1,204. Condominium sales increased 6.5 percent from 1,416 the previous year to 1,508 last month. Combined, residential real estate sales increased 9.5 percent to 2,712 compared to 2,476 in October of last year. 

22.3% Average Sale Price Increase for Condos

The median sale price for single-family homes increased 9.1 percent, up to $240,000 from $220,000 in October 2013. The average sale price for single-family homes decreased 6.6 percent from $421,546 in October 2013 to $393,515 last month.

Compared to October 2013, the median sale price for condominiums increased by 8.8 percent to $185,000 from $170,000 a year prior.  The average sale price for condominiums increased 22.3 percent to $362,657 from $296,568 in October 2013.

Single Family Homes sold in 43 Days 

Miami properties continue to sell rapidly and at nearly asking price, reflecting strong demand.

The median number of days on the market for single-family homes sold in October was just 43 days, an increase of 7.5 percent from October 2013. 

The median number of days on the market for condominiums sold in October was 58 days, an increase of 31.8 percent compared to the same period in 2013.

93.7% Average Sales Price of Asking Price for Condos

The average percent of original list price received for single-family homes was 95.3 percent, down a negligible 1.0 percent from a year earlier.

The average sales price for Condos was 93.7 percent of the asking price, a decrease of 3.9 percent. *Miami Association of Realtors & World Property Channel

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