Miami Region March Home Sales
May 7, 2014
Miami-area home sales fell slightly below a year earlier in March as buyers faced higher prices, condo resales continued to ease off record levels and a lower share of homes sold to cash and investor buyers. The median sale price rose to the highest level in more than five years, a real estate information service reported.
In March, 10,144 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. March sales increased 26.3 percent from the prior month and fell 0.7 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.
A surge in sales between February and March is normal for the season. On average, Miami sales have increased 29.7 percent between those two months since 1997, when DataQuick's complete Miami-area statistics begin.
This March's sales were 10.1 percent below the average number of sales for the month of March since 1997. March's condo resales were 21.1 percent above average for the month, while single-family detached house resales were 11.1 below the long-term average and new-home sales were 73.8 percent below average.
Condo resales fell 4.1 percent in March compared with a year earlier but continued to account for an above-average share of all activity. In March, condo resales represented 49.1 percent of total sales, compared with an historical monthly average of about 36 percent.
In March, the median price paid for all new and resale houses and condos sold was $185,000, up 7.6 percent from the month before and up 19.4 percent from a year earlier. The March median was the highest since the median was $200,000 in December 2008. The Miami region's median has risen year-over-year for 27 consecutive months, and those gains have been double-digit for the past 20 consecutive months.
This March's median stood 36.2 percent below the Miami area's peak $290,000 median in June 2007.
DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. DataQuick was acquired this March by Irvine-based property information company CoreLogic.
March sales activity varied a lot by price segment: The number of homes that sold below $100,000 dropped 28.3 percent year-over-year, while sales below $200,000 fell 13.0 percent. But the number of homes sold in the typical move-up range between $200,000 and $600,000 increased 17.6 percent year-over-year in March, while the number of homes that sold above $800,000 rose 15.8 percent from March 2013.
In the Miami region's multi-million-dollar luxury home market, 125 homes sold for $2 million or more during March, up from 114 in February and down from 133 in March last year. During the first three months of this year, 360 homes sold for at least $2 million, up 20.0 percent from the same period in 2013. The figures are based on public property records, where either a price or loan amount was available.
To view additional Miami region March highlights, visit DQNews.com.
Media calls: Andrew LePage (916) 456-7157
Source: DataQuick; DQNews.com
Copyright 2014 DataQuick. All rights reserved.
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