By Carrie Foote
Luxury Sales Associate
The June 2018 numbers for single-family homes in Miami-Dade County as reported by Miami Realtors are out and we’ve got the scoop.
Closed Sales Volume (# of sales) was slightly down, 1.2% lower when comparing June ’17 to June ’18 and down 4.1% overall YTD. Cash Sales were down 6.6% month over month and 9.5% this year. But the median sales price and average sales price are up, up, up at 10.3% in June ’18 over June ’17 and 9.6% YTD. Overall dollar volume of sales YTD is also up 5.1% with $4.2 Billion in sales of single-family homes so far this year in M-D county.
The big story in the single-family home market in the June numbers is the significant increase in the Median and Average Sales prices and the overall Dollar Volume sold (see the table below for more details). This is especially notable because the Closed Sales Volume (# of sales) was actually slightly down 1.2% in June 2018 compared to June 2017, and down 4.1% overall YTD. This is showing us that more expensive homes sold this summer – an important and hopefully continuing trend necessary for the overall health of the Miami-Dade residential market. The months of inventory in the luxury market has been too high for the past few years creating frustration for sellers but opportunities for buyers. A continued correction in this sector of the market is needed which means pricing likely will not increase overall in the luxury market in the short-term.
While listing inventory has risen slightly and pending sales have come down 3.3% year-over-year, the market still has a very healthy 6 months of inventory overall. This indicates pricing pressure on for sale homes as evidenced by a price correction earlier this year. A modest price correction continues to be good news as the market rebalances with fewer investor purchases and more first home purchases by buyers who continue to plant roots in our community as a result of our healthy job market. The fact that the number of cash buyers was down is actually a healthy sign of buyer diversification.
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Coral Gables FL 33146
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