When you think about Miami's real estate market, you can't help but think of condos. New towers are popping up every day, but the single-family home market is doing quite well for itself too, thank you very much. In fact, more single-family homes were sold in Miami this past June than any other month in Miami's history. The month beat a 10-year-old record set back in June 2005.
In all, 1,390 single-family homes were sold in June according to the Miami Association of Realtors. That's 73 more than the 1,317 sold in June 2005, and 110 more than last June. In the first six months of 2015, 7,100 single-family homes have sold in total, up from 6,543 over the same period in 2014.
Prices on those homes also rose by 14.9 percent from last year, with a median price of $280,000. Those home are also selling pretty close to their listing price, with the average sale worth about 95.1 percent of the initial asking price.
“Not only did sales increase year-over-year for both single-family homes and existing condominiums, but median sales prices also rose," said Christopher Zoller, residential president of the Miami Association of Realtors, in a statement. "An improving jobs market, historic low mortgages rates, and Miami’s reputation as a world-class global city continue to attract domestic and international home buyers who want to live, work, and play in one of America’s most dynamic areas.”
Despite more competition from newly built and under-construction towers, pre-existing condo sales also rose in June by 4.5 percent from last year. The association expects about 16,030 pre-existing condos to sell in 2015. Though, that would put this year behind the total number of sales in 2014 and 2013.