Home sales in Miami-Dade County — along with luxury transactions, median prices and dollar volume — were all up in March compared to a year ago, according to the MIAMI Association of Realtors.
March sales for Miami condos priced from $300,000 to $400,000 increased 44.2% year over year; sales of single-family homes priced from $400,000 to $600,000 increased 22.8% year over year; and sales of single-family homes priced at $1 million and up jumped 17.1% year over year.
Home prices were also up in March, with the media increasing from $352,250 in March 2019 to $382,750. This represented the 100th consecutive month that prices have increased.
However, pending home sales, a reflection of both future closed sales and demand, declined 24.2% year over year for single-family homes and 36.3% year over year for condos.
Since the impact of the coronavirus didn’t begin to be felt until mid- to late March, the majority of the March data likely reflects the continuation of a strong market going into the crisis caused by the COVID-19 pandemic.
“The Miami real estate market extended its run of solid expansion through March 2020,” MIAMI Chairman of the Board Jorge L. Guerra Jr. said in a press release. “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.”
According to the report, inventory for single-family homes decreased 12% in March, from 7,064 active listings last year to 6,216, indicating a current seller’s market.
Meanwhile, Miami’s cash buyers represented 32.4% of total closed sales in March. While down slightly from 35.6% last year, Miami cash transactions are almost double the national rate.