Total home sales, single-family sales and condo sales all saw year-over-year growth in October, according to the latest data from the MIAMI Association of Realtors and the MIAMI Southeast Florida Multiple Listing Service.
Continuing last month’s positive trends, sales of single-family homes and condos in Miami both saw a 7% increase year over year.
Prices remained high in both markets, but condo prices saw a modest dip. The median price for a Miami condo decreased 3.61% year over year, from $415,000 to $400,000. As of this month, Miami condo prices have risen 100% since 2015.
Meanwhile, a single-family home cost a median $682,000 in October, a 1.68% year-over-year increase.
All-cash sales saw a jump of 17.3% from the same month last year, while transactions for properties valued at and above $1 million grew 20%.
“Market declines are fueled by debt, not cash. Miami is America’s No. 1 metro for all-cash sales,” MIAMI Chairman of the Board Eddie Blanco said. “All-cash Miami sales rose once again year-over-year last month. This shields our market from the impact of elevated rates and shows how committed buyers are to Miami real estate. The long-term data continues to reflect South Florida’s enduring appeal and strong value trajectory.”