It may be all about price in Manhattan as we read in the post “Manhattan’s rental market plummets” but in Florida, it’s all about location.
Luxury condominium sales exploded in August 2018 by +66%, according to the Miami Association of REALTORS (MAR). Also, in the southern Florida area, high-end single-family home sales increased +36%.
Sales of single-family homes priced at +$1M increased 36.4% y/y from 44 transactions to 90 transactions. August was the fourth consecutive month of sales volume increases. Sales of luxury condominiums soared +65.9% m/m from 41 to 68 transactions. Sale prices rose +32.6% y/y, from $859,700 in August 2017 to $1.141M in August 2018.
Overall, median prices for Miami-Dade County single-family homes increased +6.7% in August to $360,000. These price increases have been going on consistently for 81 straight months or 6.75 years!
Sale increases rose +13.3% from August 2017 to August 2018. According to George C. Jalili, chair of MAR, it was Miami-Dade’s mid-market transactions that buoyed increases. Condominium sales in the $150,000 – $400,000 price range jumped +26.9 y/y. Existing condominium prices rose +2.2% y/y to $230,000.
Sales of single-family homes in the $250,000 – $600,000 price range surged +16.4% y/y.
MAR also reported that 37% of all sales were all-cash transactions. Compare this 37% to the national average of 20% for all-cash transactions. Clearly, New York sellers migrating to Florida contributed to that 37% of all-cash buyers.