Single Family Home Sales Set Records, Condos Also Near New High

More single family homes sold in Miami last month than ever before in history, and condo sales are also at or near a record.

Last month, 1,390 single-family homes were sold in the Miami market, beating the previous record of 1,317 in June 2005. For the first six months of 2015, sales volume has increased 8.5 percent, and is on pace to set a new record for the year.

The condo market is also at or near a record by number of sales. Transaction in June increased by 4.5 percent, a number which excludes sales at the numerous new condo projects where closings are now underway. If new condo closings are factored in, 2015 could also be a record year for the market.

Prices have been increasing along with the uptick in volume. The median sale price for single-family homes last month rose 14.9 percent over June 2014, while condos were up 7.9 percent. Condo prices have risen for 48 out of the last 49 months.

All statistics were provided by the Miami Association of Realtors.

 

 

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Anonymous
6 years ago

And at the same time, “South Florida Scientists Fear Mass Exodus As Sea Level Rise Worsens”

http://www.weather.com/news/climate/news/south-florida-sea-level-rise-mass-exodus

What will happen to all the new buyers? Let’s hope this market doesn’t crash.

Anonymous
6 years ago

I don’t think there will be a mass exodus. It’ll be sea walls and levees, unfortunately- unless we have another Regalado in the future who decides to blow money on empty stadiums instead of improve the city’s infrastructure.

Fredric
6 years ago

Oh, please! Enough with this sea level rise scare-mongering! Live long enough and you begin to notice that the predictions of “catastrophic” sea level rise are always just that–predictions, and not an actually unfolding event. Yes, the sea level has been rising, slowly, for over two hundred years now, since the end of the so-called “mini Ice Age,” circa 1300-1800. Prior to that, the sea levels rose for most of the period going back to the end of the last great Ice Age some 10-12,000 years ago.

But what is different today is that science has been co-opted by politics and scare mongering by the likes of Dr. James Hansen of NASA has been the order of the day, dutifully and eagerly reported in the mainstream media, which revels in threats of disaster and other forms of sensationalism. Dr. Hansen famously predicted that his offices on the Westside highway in lower Manhattan would be permanently under water from sea level rise by the year 2000. He made that prediction in the early ’80s. Didn’t happen. Numerous others are now predicting a catastrophic increase in the rate of sea level rise but all of that is predicated upon an equally catastrophic increase in global temperature and a coinciding drastic increase in the rate of land-based arctic ice melt, none of which has yet happened.

Oh yes, it is always on the verge of happening, and the much-dreaded “tipping point” is just about to be reached and he point of no return from the grips of terrible thermal disaster is always just around the corner and gonna happen any day now. But unless or until it does happen, the current rate of sea level rise is about one inch per twenty years and that is not likely to cause any sort of “mass exodus” any time soon.

Meanwhile, the real truth is that long term climate change is very hard to accurately predict because climate is not simple, as the political talking points would lead one to believe, it is extraordinarily complex. And the X-factors are potentially unlimited, unknown and as of yet, largely unknowable. Therefore, any predictions about catastrophic sea level rise remain largely fictional or dubious at best, unless or until they actually start happening.

Anonymous
6 years ago

Yeah, meanwhile I think I’ll start looking into investing in Houseboats.

Danny
6 years ago

Buy, Buy, Buy!!! All in Baby!!

Anonymous
6 years ago

“South Florida Scientists Fear Mass Exodus As Sea Level Rise Worsens”

“What will happen to all the new buyers?”

Ya know, I was thinking about the same thing the other night and contemplated leaving too until I thought “hey, waitaminute, just think of all the abandoned cool condos you will have your choice to live in, don’t go.”

Anonymous
6 years ago

Man, imagine if just that much lightening could be harnassed, I bet it’ll probably be enough electricity to power Miami for a week.

Anonymous
6 years ago

Don’t count on it. FPL would probably charge a huge service fee if you used lightning instead of buying power from them, or they would lobby the government to make it illegal to use lightning as a power source.

Anonymous
6 years ago

……lol……

HL
6 years ago

Contigo laugh, electricity is very cheap in Florida compared to many other parts on the country

Anonymous
6 years ago

And electricity is also expensive in Florida compared to many other parts of the country.

Anonymous
6 years ago

I seem to recall the stock market hitting a new high in 2000 on record prices and volume.. we all know how the dotcom era ended.

Anonymous
6 years ago

every party has a pooper, that I why we invited you, party pooper.