Family homes sales reached new all-time high in Miami in 2015

Sales of family homes in Miami, one of the most popular US markets with overseas and domestic buyers, set an all-time annual record in 2015.

And sales for all existing properties posted the third most transactions in history, according to the latest data from the Miami Association of Realtors.

‘Miami’s strong local jobs market, population increase, historically low mortgage interest rates and South Florida’s continued growth as a world class global region all played key roles in the strong sales. We see many of these factors carrying over to 2016,’ said Mark Sadek, the association’s board chairman.

The monthly report also shows that existing single family homes finished 2015 with a median sales price of $265,000, up 8.2% from $245,000 the previous year. The Miami median price for existing condominiums in 2015 was $200,000, an increase of 5.3% from $190,000 in 2014.

The median number of days on the market for Miami single family homes fell 4.4% to 43 days in 2015 from 45 days in 2014 and the median number of days on the market for condominiums sold in 2015 was 60 days, a 5.3% increase from 57 days in 2014.

In 2015 some 51.8% of sales were to cash buyers which is more than double the national average, but down from 57.2% in 2014. However, Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international home buyers, who tend to purchase properties in cash.

Condominiums comprise a large portion of Miami’s cash purchases as 65.4 compared to 36.4% of single family home sales.

The data also shows that inventory of single family homes decreased 3.5% in 2015 while condominium inventory increased 10.2%. Inventory for Miami single family homes stood at a 5.2 month supply, a 6.8% decrease from 5.6 months in the previous year while for condominiums at the end of 2015 it was 9.5 months, a 13.2% increase from 8.4 months in 2014.

Total active listings at the end of 2015 increased 5.4% year on year, from 17,695 to 18,645. Active listings remain about 60% below 2008 levels when sales bottomed. New listings of single family homes increased 0.6% compared to 2014 and for condominiums they increased by 0.6%.