Recently named the country’s 4th most valuable real estate market by Zillow, Miami continues to boom as a mecca for sun-seekers and real estate investors from all over the world. As we ring in the new year in the Magic City let’s take a look at the state of the real estate market in the last quarter of 2017.
Miami’s Condominium Market
In the last quarter of 2017 Miami, 2517 condos were sold in Miami. While this was 23 fewer condos than those sold in 2016, this was by no means an indicator of the condo market, which was showed strong signs of increasing values. The most expensive condominium sold for $16,500,000.00. This was exactly a $1 million dollar increase over the most expensive condo sold in 2016. The average price of condos sold was $31,066 more in 2017 than in 2016, an 8.66% increase. Overall in the last quarter of 2017 condos sold for 94% of the listing price.
The hottest areas for condo sales in the last quarter of 2017 were Miami Beach and the Sunny Isles Beach area, which tied for the most amount of sales, with 230 condos sold in each zip code.
Miami Beach (ZIP : 33139)
- Average price $579,299
- Average square footage 941
- Average price per square foot $615.71
Sunny Isles Beach area (ZIP : 33160)
- Average price $508,736
- Average square footage 1392
- Average price per square foot $365.38
Miami’s Single Family Home Market
In the last quarter of 2017, 3170 single family homes were sold in Miami-Dade county. This is 265 less homes than in the last quarter of 2016. The most expensive single family home sold for $4.125 million less than in 2016, a 16% decrease but overall buyers paid over 13% more for single family homes in 2017. The average price of a single family home in Miami-Dade County was $490K dollars with an average square footage of 2052. Single family homes sold for 96% of the asking price in the last quarter of 2017. While this was a 1% decrease from the same quarter in 2016, a closer look at the numbers shows an increase in prices.
The most amount of single family homes sold in Miami-Dade county were sold in the 33033 zip code or in the city of Homestead.
Homestead (ZIP : 33033)
- Average price $224,837.46
- Average square footage 1713
- Average price per square foot $139.34
With the prices in Homestead being over $250K less than the county average it is no surprise that some South Floridians have started to look southward for more affordable housing options.
This concludes our recap of the last quarter of 2017. Follow our blog to stay up-to-date with South Florida’s real estate news and our continued monitoring of the state of Miami’s real estate market.
If you are interested in buying or selling a home in Miami-Dade contact Desiree Avila Wilcox directly at [email protected] or 954-993-4246 for a more personalized experience.