Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 29 n° 341

Miami Residential Prices Continue to Climb in January

Posted by fidest press agency su giovedì, 25 febbraio 2016

miamiMiami-Dade County median sales prices continued to rise in January as existing single-family homes and condominiums sold close to list price, according to a new report by the 41,000-member MIAMI Association of REALTORS® (MIAMI) and Multiple Listing Service (MLS) system.
The median sales price for single-family existing homes rose 13.7 percent year-over-year in January 2016, from $237,500 to $270,000. Single-family home prices remain at 2004 levels despite four years of increases. The median sales price for existing condominiums increased 8.8 percent in January to $205,000 from $188,500 a year ago. Miami-Dade County existing condo prices have risen in 55 of the last 56 months, a period encompassing more than four and a half years.Total existing Miami-Dade County residential sales — which posted a record year in 2013 and near record years in 2014 and 2015 — decreased 12.1 percent from 2,043 sales in January 2015 to 1,796 last month. January 2016’s total sales are in the range of Miami sales during the past five Januarys.Miami-Dade County single-family home transactions were 14.4 percent lower year-over-year in January, from 963 to 824. Existing condominium sales declined 10.0 percent in January 2016, from 1,080 to 972.“Strong sales are important for a healthy residential real estate market, but it is not sustainable to set a new all-time sales record each year,” said Teresa King Kinney, chief executive officer for MIAMI. “Miami-Dade County’s five years of record sales have been unique in the U.S. real estate market. It is anticipated Miami will continue in a sales range consistent with a strong market.”Miami’s 824 single-family home sales in January 2016 remain consistent with historical averages. The sector registered 963 and 823, respectively, in January during the single-family record-breaking years of 2013 and 2014. Miami posted 691 single-family home sales in January 2012.Miami-Dade has continued to experience a significant year-over-year decrease in distressed sales. Increased competition from new condominium construction has also played a role in the lower total residential sales. Only 22.2 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 34.9 percent in January 2015.Short sales and REOs accounted for 4.4 and 15.7 percent, respectively, of total Miami sales in January. Short sale transactions dropped 50.6 percent year-over-year while REOs fell 42.2 percent.Single-family home sales spiked 18.3 percent year-over-year in January in the $250,000 to $400,000 sector, growing from 241 to 285. This sector represented about 34.6 percent of all total single-family home sales in January 2016.Existing condos priced at $150,000 to $300,000 range saw a 25.1 percent spike in January sales, increasing from 299 to 374.
Historic-low mortgage rates should continue to attract future buyers. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage sat at 3.87 percent in January. Interest rates have stayed below 4 percent for six consecutive months.
Miami Real Estate Selling Faster and Close to List Price.The average percent of original list price received for single-family homes was 95.5 percent in January 2016, an increase of 1.3 percent from a year earlier. The average percent of original list price received for existing condominiums was 93.3 percent, a 0.3 percent year-over-year increase.

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