Miami home prices up $50,000 since last year in September

Miami home prices up $50,000 since last year in September

Miami home sales fell yet again in September, but the market’s mid-section continued to prove popular among buyers, according to a joint report from the Miami Association of Realtors and the local MLS.

Across Miami-Dade County, total sales of all property types fell 14.7 percent year-over-year, while single-family sales fell 10.8 percent and condo sales slipped 18.3 percent. Market-wide demand has been falling most of the year, especially compared to the record and near-record years of 2013 and 2014.

Huge price gains this year

A positive stat to note, however, is the middle range of the single-family market, where sales increased.

For single-family homes priced between $300,000 and $600,000, sales increased 5.1 percent from the same time last year. That growth may be from an increase in demand, but it also may be from a major shortage in homes priced below $300,000. From Sept. 2015 to Sept. 2016, inventory for homes in that price range have dropped 32.4 percent. With fewer options, buyers may be getting pushed into higher price points.

Meanwhile, condo inventory remains well above the normal six-to-eight-month range at an 11.9-month supply.

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