Sales volumes for Miami-Dade real estate resales – which do not include new condos – topped $1 billion in April, the Miami Association of Realtors reported last week.
The total of $1.01 billion was on 2,303 total residential sales, the association reported, down 4.8% from sales volume in April 2016. That would produce a mean sales figure of $438,000-plus for all resales.
Homeowner association lawyers in have been very busy as total transactions reach an all-time high. “A lack of local buildable land puts high value and demand for existing Miami single-family homes,” said Christopher Zoller of brokerage EWM, the association’s 2017 chairman of the board. “Existing condominiums, meanwhile, have seen five-plus years of price appreciation.”
The association wrote that “the lack of access to mortgage loans is also impacted the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans down for 29 last year.”
Fort Lauderdale real estate attorneys noted that mid-market transactions are fueling the rise in Miami’s single-family home sales. Transactions for properties listed between $200,000 and $600,000 jumped 13.2% in April from April 2016 to 821 sales. Mid-market sales, the association said, account for 68.9% of all single-family home resales.
The average time between listing a single-family home and closing the sale was 101 days in April, up 7.4% from a year earlier. For condos, however, the time was 119 days, up 8.2% in a year.
Inventories of condos on the market for resale conitune to rise, increasing 9.2% over the year to a huge 15,307 on the market. At current sales rates, this is a 13.8-month supply, clearly a buyer’s market. Single-family home inventories fell 2.2% over the year to 6,182 active listings, a 5.6-month supply.
The Fort Lauderdale homeowners association attorneys at Stevens & Goldwyn, PA offer legal services for community associations throughout South Florida including West Palm Beach, Miami, and more. The lawyers at Stevens & Goldwyn PA specialize in real estate litigation, civil litigation, commercial litigation, mortgage foreclosures, and more.
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Through a free, no-obligation consultation, you can discuss your legal concerns with a partner of our firm. We look forward to answering your questions and seeing how we can meet your legal needs.
Call 954-476-2680 or contact us online today.