Miami home sale prices up 17.2% over last year

by Timothy Inklebarger

Miami home sale prices up 17.2% over last year

September marked a third month of record-breaking homes sales, with closings up 21.1% from a year ago and homes selling an average 39 days, down a full week from one year ago, according to the RE/MAX National Housing Report for September.

Inventory reached an all-time low in the report’s 13-year history, dropping 31.9% from September 2019.

In Miami, the number of transactions dropped 20.9% from the previous month to 3,681. That’s up 2.7% from the previous year. The number of days homes spent on the market before selling was up 3.4% to 92 from the previous month and was up 1.1% from the previous year.

The median sales price of a Miami home was up 0.9% month over month to $340,000 and was up 17.2% year over year. The median listing price was up 4.6% to $366,000 from August, and was up 9.3% from the same time last year.

“September in South Florida historically shows lower closed sale numbers compared to August, and this year was no different. September sales for the Miami market were -20.9% lower than those of August for 2020. That can look a bit scary until you compare the numbers to September 2019 and see that 2020 is actually +2.7% higher than 2019. These differences reflect the normal activity of buyers and sellers taking advantage of last-minute summer vacation time before getting back to school, work and daily life,” said Anthony Askowitz, Broker/Owner, RE/MAX Advance Realty (Miami).

Sales nationwide were down 3.3% in September from the previous month, but that’s compared to the average drop-off rate of 15.3% between the two months over the last five years.

“September’s massive year-over-year increase in home sales was the latest reminder of the housing market’s overall strength and resiliency,” Adam Contos, CEO of RE/MAX Holdings, Inc., said in a press release. “Demand is off the charts right now. Buyers of all ages are coming into the market determined to improve their quality of life through amenities, community and the unique security that comes with homeownership. They’re working through the challenges of tight inventory, high prices and competing offers to take advantage of historically low interest rates and, in many cases, the greater mobility they now enjoy through working remotely.”

At $289,900, the median sales price was a mere $100 below record high set the prior month. That’s up 12.8% from a year ago. The number of months of supply of inventory ticked up to 1.8, a marginal improvement over the record low of 1.7 in the previous two months.

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