Miami Real Estate Continues Strong Momentum in 3Q

MiamiMiami-Dade County real estate posted a robust third quarter as total residential sales, single-family home transactions, existing condo transactions and median prices grew compared to the same period in 2014, according to a new report by the 40,000-member MIAMI Association of REALTORS(R) (MIAMI) and the local Multiple Listing Service systems.

Miami-Dade County had 7,811 total residential sales in the third quarter of 2015, a 2.3 percent increase compared to the 7,632 sales in the third quarter of 2014. Single-family home transactions rose 4.1 percent, growing from 3,522 to 3,699. Despite a rise in supply of Miami pre-construction condo units east of Interstate 95, existing condo transactions increased 0.8 percent from 4,080 to 4,112.

“Miami real estate remains a bargain compared to other world-class global cities,” said Christopher Zoller, a 27-year Miami-based Realtor and the 2015 Residential President of MIAMI. “Miami single-family home prices are at 2004 levels, considerably lower than world cities such as New York, London and Hong Kong. Today’s prices coupled with historic-low mortgage rates and South Florida’s diversified job market are encouraging more consumers to purchase property in Miami.”

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