Miami Home Prices Reach New High; Sales Decline for Third Straight Month

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Miami Home Prices Reach New High; Sales Decline for Third Straight Month

Miami home prices rose nearly 10 percent in April from a year earlier to $250,000, the city’s highest median sale price in at least six years.

Sales dropped 15 percent, the third month of double-digit declines, as fewer condominiums and single-family homes found buyers.

Miami home prices

The number of new homes hitting the market fell, contributing to a 4.8 percent drop in the total number of properties for sale year over year.

Miami Home Sales (7)

Homes that were on the market sold 16 days faster than they did at this time last year, with the houses finding buyers in 49 days on average. The last time homes were selling so quickly was October 2013.

Days on Market Miami

Condo Units

Condo prices dropped 3.4 percent to a $175,000 median and sales fell 18 percent in April from a year earlier as an oversupply of units continued to hold the market back.

Last month, there was nearly a 10-month supply of condos on the market, a boon to city homebuyers when you consider that a six-month supply signals a balanced market, with higher figures favoring buyers. While fewer units have been added to the market in the past two months, the total number of condos for sale continued its upswing, posting a 2.5 percent year-over-year increase as sellers outnumbered buyers.

Condos that did sell found buyers 19 days faster than they did a year earlier, spending an average of 70 days on the market.

Single-family Homes

Single-family home prices hit a fifth-straight month of double-digit, year-over-year price gains, posting a 12.2 percent jump in April to $291,690. Single-family prices haven’t fallen since December 2014.

While prices climbed, sales dropped 12.4 percent, the seventh-straight month of year-over-year declines. Buyers aren’t in a rush to spend top dollar on single-family homes, Redfin agent Cecilia Cordova said.

“My buyers looking for single-family properties will offer on a house only if it’s at the right price and in good condition,” Cordova said. “They know that just a year ago many of these sellers purchased their homes for $50,000 or even $100,000 less. Buyers are opting to wait for price drops or, in some cases, I’ll suggest that my clients look at properties in the condo market, where prices are lower and there are many more options to choose from.”

More sellers put their single-family homes up for sale, but not enough to boost the overall supply, which fell 9 percent from April 2015.The Miami market continues to favor house sellers, with a 4.2-month supply of single-family homes for sale, the lowest since July.

A typical single-family residence spent 44 days on the market, 13 days fewer than the same time last year.

Neighborhood Trends

Among areas with at least 40 home sales in the last three months, South Point posted the highest sale prices. A typical home fetched $879,500 last month as buyers picked up more properties for less than what sellers wanted. The median asking price in the neighborhood was $1.1 million.

Little Havana continued to be one of Miami’s more affordable neighborhoods, with a median sale price of $150,380, down 9.5 percent.

Prices in Little Haiti jumped 44.8 percent to a $199,120 median. This large hike in prices corresponded with a substantial 25 percent drop in sales.

The Upper Eastside saw a surge in the number of houses and condos hitting the market, up 48.5 percent for the year. As a result, the total number of homes for sale in the neighborhood more than doubled.

Place Median Sale Price Year-Over-Year Homes Sold Year-Over-Year Inventory Year-Over-Year New Listings Median Days on Market Avg Sale-to-List
Andover $151,824 23.0% 1 0.0% 3 NA 5 69 72.3%
Aventura $352,500 -1.0% 106 -28.4% 567 15.2% 293 117 93.9%
Bal Harbour $612,500 -34.1% 8 -27.3% 175 22.4% 29 76 93.6%
Bay Harbor Islands $357,500 17.6% 10 -54.5% 144 39.8% 25 160 95.8%
Bay Point $2,150,000 34.4% 5 0.0% 30 150.0% 12 127 92.1%
Bayshore $962,500 32.8% 22 -40.5% 135 45.2% 72 188 92.2%
Biscayne Park $377,500 20.8% 4 -33.3% 28 27.3% 6 66 95.3%
Biscayne Point $740,000 24.4% 15 -25.0% 43 -10.4% 26 108 94.9%
Brentwood $191,000 52.8% 2 -60.0% 2 -66.7% 4 50 93.3%
Brickell $365,000 -8.8% 169 -39.6% 1,348 12.8% 661 143 95.0%
Coral Gables $610,000 31.2% 77 -24.5% 573 5.5% 150 58 94.5%
Coral Way $359,000 15.8% 144 -28.4% 393 -6.4% 331 65 95.3%
Cutler Bay $239,500 14.1% 80 21.2% 211 -37.6% 90 57 99.9%
Doral $293,250 8.6% 56 -23.3% 786 13.4% 158 86 95.5%
Downtown $390,000 5.4% 104 -29.7% 749 8.1% 356 171 94.9%
Eastern Shores $177,500 15.3% 23 -23.3% 108 8.0% 67 111 94.7%
El Portal $460,000 17.9% 3 -57.1% 21 16.7% 6 75 93.4%
Fisher Island $6,150,000 158.9% 21 200.0% 58 13.7% 8 21 90.3%
Flamingo-Lummus $229,000 11.8% 116 -15.3% 441 4.0% 238 117 94.5%
Hialeah $182,500 20.7% 181 -7.6% 143 -44.1% 246 36 98.4%
Highland Village $86,500 9.5% 1 -50.0% NA NA 2 7 73.9%
Homestead $170,000 13.5% 214 -3.6% 629 -34.9% 272 37 97.3%
Kendall $225,000 0.2% 93 -21.2% 326 -27.1% 123 44 97.3%
Key Biscayne $932,500 -9.7% 18 -57.1% 292 35.2% 45 161 94.2%
Keystone Point $1,180,000 72.8% 10 -41.2% 52 62.5% 29 182 90.0%
La Gorce $1,775,000 15.3% 12 -42.9% 94 56.7% 36 273 90.9%
Lakewood Estates $195,000 87.5% 3 200.0% NA NA 1 81 98.0%
Little Haiti $199,123 44.8% 45 -25.0% 105 6.1% 89 44 94.6%
Little Havana $150,375 -9.5% 48 -7.7% 89 -11.9% 93 33 95.5%
Miami Lakes $323,000 10.5% 46 -28.1% 85 -17.5% 101 55 96.8%
Miami Shores $372,500 -0.7% 26 -33.3% 62 12.7% 52 64 94.9%
Miami Springs $290,000 0.0% 9 -40.0% 50 21.9% 17 58 99.4%
New Belle Meade $508,750 -4.2% 10 -37.5% 25 38.9% 18 65 95.5%
Normandy Isle $211,000 -27.5% 22 -42.1% 75 0.0% 56 53 95.0%
North Bay Village $187,500 -12.6% 12 -42.9% 212 20.4% 45 85 97.2%
North Shore $297,000 -20.3% 78 -25.0% 333 28.6% 205 93 95.9%
Northeast Coconut Grove $580,000 6.4% 97 -21.8% 236 11.3% 193 71 94.9%
Overtown $128,500 64.6% 6 -50.0% 20 -28.6% 13 33 98.7%
Palm Island $11,500,000 58.6% 1 -66.7% 22 22.2% 6 446 82.7%
Palmetto Bay $545,000 6.9% 38 8.6% 165 25.0% 61 43 97.1%
Pinecrest $912,500 17.7% 22 -12.0% 220 31.7% 59 91 92.0%
South Miami $510,000 22.3% 25 -13.8% 50 66.7% 44 101 96.3%
South Point $879,500 -2.8% 62 -8.8% 305 41.9% 170 112 94.2%
Southwest Coconut Grove $844,500 12.8% 32 -15.8% 123 6.0% 75 75 93.8%
Sunny Isles Beach $350,000 -4.8% 45 -44.4% 1,185 39.6% 151 142 94.1%
Sweetwater $170,000 5.8% 3 -57.1% 11 -8.3% 5 82 101.3%
The Roads $465,000 -1.1% 27 58.8% 70 14.8% 64 53 94.0%
Upper Eastside $430,000 19.4% 59 0.0% 232 112.8% 150 72 94.5%
Venetian Islands $786,000 16.4% 15 -44.4% 95 25.0% 36 143 91.7%
West Avenue $310,000 5.1% 81 -16.5% 300 11.5% 160 99 94.1%
West Flagler $250,000 21.4% 62 -19.5% 107 -10.1% 117 48 97.1%
West Miami $299,500 -4.9% 2 -60.0% 15 36.4% 5 77 94.3%
Wynwood-Edgewater $345,000 -3.2% 87 -30.9% 583 47.2% 286 86 94.9%
Miami, FL $250,000 9.9% 1,277 -15.2% 7,709 -4.8% 2,210 49 96.7%

NOTE: Not all neighborhoods are listed, but totals for Miami encompass the entire city.  Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood-specific data is measured over a three-month span that ended April 30. City-specific data is measured over a one-month span that also ended April 30.

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