Florida took a major hit when the real estate market plummeted a few years ago, including the South Florida real estate market. Homes for sale in Miami Dade County, Broward County and Palm Beach County all fell as home values dropped.
That was then, this is now.
According to a new report by the MIAMI Association of REALTORS® (MIAMI) and Multiple Listing Service (MLS) system, properties in the Miami Dade County sold fast during the month of October and near asking price.
Home sales prices continued to increase over the month of October as well, marking more than four years of median sales price increases that have remained consistent from month-to-month. These sales price increases were evident in the condominium market and single family homes.
From homes for sale in Coral Gables, Aventura, Miami Beach, Bal Harbour, Bicayne Park, Hialeah, Homestead, Opa-locka and others, the median sales price for single-family homes in Miami Dade County rose 10.4 percent year-over-year, from $240,000 to $265,000.
When it comes to the condominium market, the report found an increase in median sales price of 8.1 percent from $185,000 a year ago in October to $200,000. In 52 of the last 53 months, sales prices for condominiums in Miami Dade County have continue to rise.
Sales Near Listing Prices
With homes for sale in Coral Gables, Miami, and other neighboring locations being priced well, real estate list prices are selling close to these asking prices. This is despite the real estate report finding that 95.6 percent of single family homes received the average percent of its original list price. This is up from October 2014 by 0.3 percent.
When it comes to condominiums, the original listed asking price was received 93.8 percent on average this year in October, which indicates a 0.1 percent increase year-over-year.
Days on the Market
Homes are moving off the Miami Dade County rolls at a healthy pace, much to the delight of realtors, home owners and buyers alike.
Looking at the October numbers, the median number of days for a single family home to be listed on the Miami homes for sale market dropped from 43 to 40 in October, showing a decrease of 7 percent when compared to the time homes sat available last year at this same time.
The median number of days on the market for condominiums sold in October 2015 was 59 days, a 1.7 percent increase from 58 days in October 2014.
Statewide Numbers
Statewide, the National Association of Realtors (NAR) found that existing single family homes that were noted as completed closed sales rose across the state of Florida. October registered a total of 22,147 single family home sales. This is up from the same time last year by 1.2 percent, according to Florida Realtors.
On the other hand, condominium sales in Florida for the month of October totaled 9,294, which is a drop from October 2014 by 0.9 percent.
So whether you are in the Oviedo real estate and Orlando luxury homes market or are working in the Weston luxury homes and Coral Gables luxury homes market or selling Port St. Lucie homes for sale, overall the real estate market seems to be strengthening as the year end, and hopefully will continue this trend as 2016 takes its place.
