Miami’s residential real estate market is up significantly from last year, and some records are being broken, according to newly released data from the Florida Association of Realtors.
A total of 3,848 condos and townhouses closed in the Miami-Fort Lauderdale-West Palm Beach area during December 2019. That is an increase of 17.9% compared to the year before. Prices were up 7.9% to an average of $205,000.
For single family homes in the Miami area , sales volume was 3,915 for the month, up 15.5% over 2018. The average price was $375,000, up 7.1%.
The data is obtained from the MLS and doesn’t include new condo sales, so the actual number is likely much higher.
According to an analysis by Douglas Elliman, some areas are now trading at all time highs. Single family homes in Miami Beach are at a new record, the report said.