Wednesday, November 27, 2013

October Miami Region Home Sale Press Release

Miami Region October Home Sales

November 27, 2013

Miami-area homes sold at the fastest pace for an October in seven years as record condo resales, robust investor buying and strong mid- to high-end activity compensated for a drop-off in the lower price ranges. The median price paid for a home slipped month-to-month again but remained 20 percent higher than a year ago, a real estate information service reported.

In October, 11,189 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. October sales increased 8.7 percent from the prior month and rose 16.3 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

This October's sales tally was the highest for the month of October since 11,590 homes sold in October 2006. This October's sales were 5.5 percent above the average number of sales for the month of October since 1997, when DataQuick's complete Miami-area statistics begin. October's condo resales were 48.6 percent above average for the month, while single-family detached house resales were 2.2 percent above the long-term average and new-home sales were 69.2 percent below average.

Condo resales in October were the highest for that month on record and represented nearly 48 percent of all homes sold. Historically, condo sales have represented a monthly average of about 35 percent of total Miami-area sales.

During the first ten months of this year (January through October), a total of 107,378 homes sold in the Miami region, up 14.4 percent from the same period in 2012. Condo resales during that 10-month period rose 11.0 percent year-over-year, while single-family house resales increased 17.8 percent and sales of all newly built homes rose 17.2 percent.

When viewed by price segment, Miami-area October sales dropped 16.5 percent year-over-year for homes priced below $100,000, and rose 1.8 percent for homes below $200,000. But the number of homes sold in the typical move-up range between $200,000 and $600,000 jumped 38.5 percent year-over-year in October, while the number of homes that sold above $800,000 rose 40.2 percent from October 2012.

In the Miami region's multi-million-dollar luxury home market, 1,167 homes sold for $2 million or more during the first 10 months of this year - an historical high for that 10-month period and up 39.8 percent from the same period last year. The figures are based on public property records, where either a price or loan amount was available. October saw 87 homes sell for $2 million or more, up 22.5 percent from a year earlier.

In the overall Miami market, the median price paid for all new and resale houses and condos sold in October was $175,300, down 3.1 percent from the month before and up 20.1 percent from a year earlier. So far this year the highest monthly median was $184,950 in August, after which the median dropped to $180,900 in September. The median has risen year-over-year for 22 consecutive months, and those gains have been double-digit for the past 15 consecutive months.

This October's median stood 46.1 percent below the Miami area's peak $290,000 median in June 2007.

Other Miami region October highlights (see two charts)

Media calls: Andrew LePage (916) 456-7157

Source: DataQuick;

Copyright 2013 DataQuick. All rights reserved.

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