Miami house prices up for three years in a row

Brickell Skyline - Miami, Florida Photo: Adam Mizrahi

Miami saw record sales levels in 2014 and the property market enjoyed robust growth at the start of 2015.

Single-family home sales increased 6.5 per cent relative to January 2014, according to the Miami Association of Realtors. Condominium sales decreased 15 per cent from 1,270 in January of last year. Combined, residential real estate sales decreased 6 percent to 2,043 last month compared to 2,174 during the same time period in 2014.

"Miami is seeing a consistent and steady increase in single-family home sales while condo buyers are trending to the new coastal units becoming available,” said Christopher Zoller, the 2015 Residential President of the Miami Association of Realtors.

"More houses are coming on the market, which means sellers are feeling confident about the housing market and strong sales show that buyers are also feeling confident."

The steady demand from buyers has helped to drive prices higher. Indeed, in January, single-family home values jumped 5.6 per cent year-on-year to $237,500, while the median price for condos also increased 1.3 per cent to $188,500. This is the 43rd month of growth in the past 44 months for condo prices, while home values remain at affordable 2004 levels, despite several years of increases,                                         
"Miami continues to be the place to be for the international market," Zoller said.

"And it’s not just international buyers. Northerners are coming here in new numbers because they’re being pushed out of the northeast by the weather. Miami’s exciting world-class lifestyle, less expensive real estate, warm weather and strengthening job market are bringing buyers from the Northeast and elsewhere here."