Monday, June 30, 2014
May Miami Region Home Sale Press Release
June 30, 2014
Miami-area home sales held steady in May compared with both April and a year earlier as an increase in mid- to high-end activity compensated for a sharp drop in sub-$300,000 deals and fewer cash and absentee purchases. The shift in market mix, which included a pullback in condo resales, helped the median sale price shoot up to $195,300 - the highest level in nearly five and a half years, a real estate information service reported.
In May, 11,379 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. May sales dipped 0.4 percent from the prior month and were unchanged compared with a year earlier, according to San Diego-based DataQuick. The firm, which is now owned by Irvine-based property information company CoreLogic, tracks real estate trends nationally via public property records.
Between January and May this year a total of 50,008 homes had sold in the Miami region, down 2.6 percent from the same period last year.
Sales usually rise modestly between April and May. On average, Miami sales have increased 3.1 percent between those two months since 1997, when DataQuick's complete Miami-area statistics begin.
This May's sales were 3.3 percent below the average number of sales for the month of May since 1997. May's condo resales were 26.0 percent above average for the month, while single-family detached house resales were 2.2 percent below the long-term average and new-home sales were 73.9 percent below average.
Condo resales fell 2.9 percent in May compared with a year earlier but continued to account for an above-average share of all activity. In May, condo resales represented 47.5 percent of total sales, compared with an historical monthly average of about 35.8 percent. However, the resale condo share of total sales in May was down from 50.0 percent in April and 48.9 percent a year earlier.
In May, the median price paid for all new and resale houses and condos sold in the Miami area was $195,300, up 5.6 percent from the month before and up 11.6 percent from a year earlier. The May median was the highest since the median was $200,000 in December 2008. The Miami region's median has risen year-over-year for 29 consecutive months, and those gains have been double-digit for the past 22 consecutive months.
This May's median stood 32.7 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.
May sales activity varied a lot by price segment: The number of homes that sold below $100,000 dropped 18.3 percent year-over-year, while sales below $200,000 fell 7.9 percent. But the number of homes sold in the typical move-up range between $200,000 and $600,000 increased 13.9 percent year-over-year in May, while the number of homes that sold above $800,000 fell 1.4 percent from May 2013.
In the Miami region's multi-million-dollar luxury home market, 183 homes sold for $2 million or more during May, up from 150 in April and 181 in May last year. During the first five months of this year, 693 homes sold for at least $2 million, up 12.9 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 other Miami region May highlights, visit DQNews.com
Media calls: Andrew LePage (916) 456-7157
Source: DataQuick; DQNews.com
Copyright 2014 DataQuick. All rights reserved.
Posted by DQNews and Custom Reports at 4:14 PM