Miami Residential Market Report

June 04, 2018

Miami Single-Family Luxury Homes Sales Rise 16.2 Percent
Miami single-family luxury home sales jumped 16.2 percent in 1Q 2018, rising from 185 transactions to 215. Miami existing condo luxury home sales increased 8.4 percent year over year from 190 to 206.

POSSIBLE MARKET TRIGGER
Federal tax reform, sets a deductions cap for income, sales and property taxes at $10,000. The new cap is leading more residents of states with high property values and state income tax to purchase properties in states such as Florida, which has no state income tax and a pro-business tax structure.

INTEREST RATES
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.27 percent for 1Q 2017, up from the 4.17 percent average recorded during the same quarter a year earlier.

MIAMI DADE RESIDENTIAL SALES REPORT
Total existing residential home sales Declined 6.5 % from 6,169 to 5,770 in 1 Q 2018

Total sales volume of $2.6 billion in 1Q 2018, a decline from the $2.7 billion a year ago.Miami’s multi-billion dollar new construction condo market figures are not included.

Only 7.9 percent of all closed residential sales in Miami were distressed in 1Q 2018, including REO ) and short sales, compared to 12.2 percent in 1Q 2017. Short sale transactions decreased 47.1 percent year-over-year while REOs fell 37.6 percent.

Miami Median Prices Rise for 25th Consecutive Quarter
The median price increased to $337,000 in the first quarter, a 5.9 percent jump from $318,375 in the same period last year. The median price for existing condominiums increased 4.5 percent year-over-year from $220,000 to $230,000.