Miami Home Sales Increase Again in March 2020 Miami-Dade County total home sales, luxury transactions, median prices and dollar volume increased year-over-year in March 2020, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
“The Miami real estate market extended its run of solid expansion through March 2020,” MIAMI Chairman of the Board Jorge L. Guerra Jr. said. “While COVID-19 is expected to temporarily impact home sales on a global level, we remain optimistic the robust fundamentals of the South Florida housing market will minimize the impact and sales activity will resume later in the year, as things normalize and pent-up demand builds.”
Before the COVID-19 situation, Miami real estate had record low delinquencies, no subprime mortgage crisis, strong demand/low supply, low interest rates, strong population growth, demand from foreign buyers and tax refugees from tax burdened states, high consumer confidence and a strong job market.
Miami Total Home Sales Increase
Miami total home sales increased 0.43% year-over-year, from 2,313 to 2,323. Miami single-family home sales increased 1.6% year-over-year, from 1,083 to 1,100. Miami existing condo transactions declined 0.6% year-over-year, from 1,230 to 1,223.
A rise in mid-market and $1-million-and-up transactions played an integral role in last month’s increases.
Sales for Miami single-family homes priced between $400K to $600K increased 22.8% year-over-year in March 2020 to 269 transactions. Sales for Miami condos priced between $300K to $400K increased 44.2% to 238 transactions. Read More:http://www.miamirealtors.com/news/news/releases/miami-news/2020/04/21/miami-home-sales-increase-again-in-march-2020