Miami Market Report: January 2018
We’re seeing January numbers rolling in, and we’re still looking at December 2017 and year-end results. We’ve compiled and analyzed the data for your Miami Market Report. Data in the report is based on the most recent information in the Regional Multiple Listing Service. Questions? Reach out to our staff at the Miami branch, 305-434-4777.
The median price of homes continues to rise on a national level, and are projected to increase by 4.8% nationally by January 2019. In Miami, the median sales price for single-family homes at the end of January came in at $425,000, according to real estate site Movoto.
Miami’s has stabilized in terms of inventory, but signs indicate it is a seller’s market. By the end of January 2018, Miami’s residential home sales rose 5.1% year-over-year. Miami saw a large increase in existing condominium sales, rising 8.1% year-over-year. Luxury condominium sales ($1-million-plus) saw a jump of 29.3% year-over-year. Single-family home sales rose 2.1%, the modest increase reflecting the short supply of homes in the mid-price ranges.
U.S. foreclosure activity as of January 2018 was .05%. Miami-Dade County and the state of Florida were in line with the national average. For the same time period, Miami came in at .06%. According to RealtyTrac, at the end of January, the number of properties receiving a foreclosure filing in Miami was 24% higher than in December 2017 but 57% lower than the same time last year. Areas in the city with the highest foreclosure actions are shown here:
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