Ever since the Florida land boom & bust in the early 1920’s, Miami has seen its share of the real estate roller coaster. According to the MIAMI Association of REALTORS and data from the local Multiple Listing Service (MLS) system, we have been in a three-year recovery. From our peak in 2007 to the bottom in 2011, prices dropped 55% for single-family homes and 58% for condominiums. Since then, prices have increased 27% for single-family homes and 49% for condominiums putting us about where we were in 2004.
While re-sale prices for single-family homes increased again in August, condominium prices declined for the first time in over three years.
The median sale price for single-family homes increased 6.4 percent, up to $250,000 from $235,000 in August 2013. The average sale price for single-family homes increased 24.7 percent from $364,960 in August 2013 to $455,108 last month.
Compared to August 2013, the median sale price for condominiums decreased by 4.2 percent to $182,000 from $190,000 a year prior. The average sale price for condominiums decreased -6.9 percent to $346,847 from $322,743 in August 2013.
“Although the Miami market continues to normalize creating more balance between buyers and sellers, some price points, particularly for single-family homes, still reflect strong demand coupled with limited supply,” said 2014 MIAMI Association of REALTORS Residential President Francisco Angulo. “In certain market areas and price points, homes for sale are still generating multiple offers, sales above asking price, and competition between prospective buyers.”