While November ended up being a down month for Miami real estate, Miami-Dade county is still on track to break the annual record for single-family home sales this year, according to a recent article from the Miami Herald. Last year’s 13,521 homes sold set the latest record, and as of last week, there have been 12,857 existing single-family home sales so far this year. The sales record has been broken in the county each of the last four years, and this year is expected to continue the trend.
The continued interest in Miami real estate from foreign investors has helped to fuel the local economy, but as Latin American and European economies struggle, the market has slowed over the last few months. In November, single-family home sales fell by 6.7% as compared to the same period last year. On the contrary, condo sales were up (1.9%), with the resale condo market remaining limited due to the high volume of new construction.
The slowdown in sales hasn’t had an effect on the prices of single-family homes though. The average sales price for was up 12.2% in November at $274,900. Condos were up 7% since November 2014, with an average price of $203,000. Even better numbers were seen in Broward County, where the market is less reliant on international buyers. Single-family home sales jumped there by 17.5%, while condos only increased by 3%. The median price for a home in Broward is $295,000, up 8.6% from last year, with condos up 4.6% at $126,500.