Miami real estate agents completed nearly $1 billion in residential sales in March, according to a new report from the Miami Association of Realtos and the MLS.
In total, residential properties combined for $996.5 million in sales last month, MIAMI reported. But while the number is pushing $1 billion, the figure is 15.1 percent below the total amount sold in March 2015 ($1.173 billion).
The drop comes as sales continue declining in both the single-family and condo markets – a trend that has been common in recent months.
| Property Type | YoY Change in Sales | YoY Change in Median Price | YoY Change in Inventory |
|---|---|---|---|
| Single-Family | -5.8% | 7.7% | 8.2% |
| Condo | -11.5% | -2.6% | 15.9% |
However, in a statement released alongside the report, 2016 MIAMI Chairman Mark Sadek ignored the overall fall in transactions and cited sales increases in more specific price points to emphasize the market’s strength.
“After five years of record sales activity, the Miami real estate market continues to post strong sales in key price points,” he said. “Existing single-family homes and condominiums in the mid-range price ranges registered double-digit sale increases in March. Almost 50 percent of all Miami transactions continue to be all-cash, a sign home buyers are committed and invested in the market.”
The Miami real estate market is clearly in decline as evidenced as the Q4 2015 and Q1 2016 Elliman reports. The Wall Street Journal, CNBC and Newsmax have all lead significant articles on the deteriorating market – due to strong dollar conditions and the flimsy and failing economies in South America and Russia. Developers are beginning to see foreigners walk away deposits as their money continues to be devalued. “Real estate professionals” will do anything to try to convince you that the market is fine, citing immaterial studies that don’t show the true economic decline in Miami real estate.