DORAL, FL – According to the Miami Association of Realtors and the Multiple Listing Service (MLS) system, Miami-Dade and Broward Home Sales continued to show significant annual growth in July, exceeding the national and the rest of Florida average, as reported by El Nuevo Herald.
Regarding Miami-Dade, total home sales increased 6.9% going from 2,329 in July 2018 to 2,490 in July 2019, while in Broward $ 1 million or more homes sales rose 39%.
On the other hand, Miami single-family home sales rose 15% going from 1,104 to 1,270, and Miami condo sales decreased 0.4%, from 1,225 to 1,220.
With respect to Miami $1-million and more single-family home luxury sales, these went from 23.1% to 112 increasing condo luxury transactions that went from 15.9% to 73.
Cash sales also experienced changes, this time in the benefit of buyers by falling 5.5% between July 2018 and July 2019. Cash transactions in 2018 were 35.8% of total closed sales, while in July 2019 were 30.3%. This new scenario comes as good news for Miami residents who have been competing with overseas buyers.
But not only sales increased as prices also jumped up during summer 2019. In Miami-Dade, the average price of a single-family home went from $ 369,450 to $ 372,000, which maintains a rise that has already lasted more than seven and a half years.
Regarding Broward County, total home sales increased 9.7%, going from 2,900 in July 2018 to 3,181 in July 2019, while single-family home sales rose to 11.9% and of condominiums 7.4%
Transactions also increased. As reported by El Nuevo Herald, single-family homes transactions (of more than $ 1 million) grew 39.3%, and those of condos rose 15.8% in the same price range.
But cash sales were smaller compared to Miami-Dade, with 33.3% of sales. That represents a 1.8% decline compared to July 2018.
Regarding price, In Broward, the average price of single-family homes increased from $ 360,000 in July 2018 to $ 380,000 in July 2019, while the average price of condos went from $ 165,000 to $ 172,000.
Finally, the inventory level shows that the market situation in Broward benefits sellers, while it benefits buyers of condominiums in Miami-Dade. When it comes to single-family homes, statistics show a balanced market.