Last year was a positive one for Miami real estate, but what do the specific trends tell us about the market’s health?

We recently reported record-breaking sales in Mimi-Dade’s single-family home market. To get a better idea of the trends affecting Miami’s housing markets, we looked at ONE Sotheby’s International Realty’s end-of-year trend report.

The report compares the current South Florida real estate market with the past five years of market findings and trends. After looking through the report, we’ve compiled the five things agents need to know:

1. Waterfront Homes Sink– While the total number of waterfront single-family homes sold was considerably higher in 2015 than in 2011, the numbers in the years prior tell a different story. In 2015, 1,103 waterfront homes were sold, 13 less than in 2014 and 28 less than in 2013. Meanwhile, the price per square foot continues to increase, rising from $450 in 2014 to $472 in 2015.

2. Single-Family Non-Waterfront On Demand– 2015 was a positive year for the single-family non-waterfront home market. The total number of non-waterfront single-family homes sold in 2015 was 13,194, a 28 percent growth from 2011. In the years after 2011, sales have been growing steadily from 10,998 in 2012, 12,481 in 2013 and 12,988 in 2014. The price per square foot for these homes is up by 44 percent from where it was in 2011.

3. Luxury Homes Fluctuate – The luxury homes market showed some interesting fluctuations in sales for several price points.

• For $1 to $5 million transactions, 2015 was a year of decline, with 890 homes sold, 28 less than in 2014.
• For $5 to 10 million transactions, 2015 was a year of continued growth, with 63 homes sold, six more than in 2014. Inventory, though, was down, with 2015’s 137 homes being 27 less than in 2014.
• For $10-million-and-over transactions, 2015 was a year of growth, after facing years of fluctuations in sales. In 2015, 22 homes were sold, up from 19 in 2014.

4. Waterfront Condo Sales Decline – In the last five years, 2013 was the year that sales of waterfront condos peaked, with 7,376 condos sold. Since then, sales have fallen, with 6,715 condos sold in 2014 and 6,078 in 2015. This totals an 11 percent decrease in sales from 2011. Regardless, the price per square foot of waterfront condos continues to rise, jumping from $466 in 2014 to $479 in 2015.

5. Prices for Non-Waterfront Condos Rise – After peaking in sales in 2013, with 10,956 condos sold, the non-waterfront condo market has faced a continual state of decline in sales. In 2015, 10,578 condos were sold and the price per square foot rose from $173 to $181.

While these stats emphasize decreases in sales in Miami-Dade’s condo markets since 2011, the single-family waterfront and non-waterfront home markets are faring much better. Since 2011, waterfront and non-waterfront condos are down in sales by 11 and 1 percent, respectively, while single-family homes are up by 14 and 49 percent.