Miami Home Sales Volume and Price Grew in 2018

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Miami-Dade County reported 12,931 single-family home sales in 2018, up 1.1% from 2017, according to the MIAMI Association of Realtors and the Multiple Listing Service (MLS) system.

This figure ranks 2018 as the fourth highest year in county history for the sale of single-family homes; according to the report, only in 2014, 2015 and 2016 did Miami see more single family home sales (the Miami Association of Realtors and the MLS have been tracking these figures since 1994).

Existing condo closings increased 5.6% to 13,863 in 2018, marking the sixth best sales year in history despite competition from the new construction condo boom.

Total residential sales volume jumped 10.7% to $12.4 billion, up from $11.2 billion in 2017.

According to the report, lack of supply in certain price ranges and neighborhoods as well as higher interest rates impacted sales.

Other notable takeaways from the report include:

  • The $300,000 to $600,000 range proved to be the most popular price point for Miami single-family homes in 2018, posting a 15.7% increase in sales year-over-year, increasing from 5,448 sales in 2017 to 6,303 in 2018.
  • The luxury segment ($1 million+) also proved to be a hot sector for single-family homes, increasing 15.9% in 2018 from 878 to 1,018 sales.
  • In 2018, cash deals represented 37.8% of Miami’s total closed sales, a decrease from 40.4% in 2017 (51.3% of  all condo closings were made in cash, while 23.3% of all single family home sales were cash deals).

Read the full report here.

Market Update: 1050/1060 Brickell

1060 Brickell

1050/1060 Brickell is a great building in the heart of Brickell – it also happens to be where I’ve lived for the last 2.5 years!  It’s a newer building, completed in 2008, and consists of two towers (you guessed it – 1050 and 1060), for a total of 570 units.  Floor plans consist of studios, one, two and three-bedroom units, as well as lofts.

The building has a beautiful pool and gym, complete with a yoga/aerobics room, steam rooms, showers and locker rooms.  Unique amenities include a virtual golf room featuring an indoor golf simulator, Wine/Cigar lounge outfitted with temperature-controlled wine and storage cabinets and personal humidors for cigars, and a game room with a billiards table.  The building has 24 hour doorman security, as well as ground-floor and mezzanine level retail and restaurants, and is pet-friendly to both renters and owners.  Best of all is the location – with Mary Brickell Village in your backyard, you can leave your car in the garage all weekend – no driving necessary!

Check out the recent sales data and available listings below, and contact me for more information or to set up a showing!

Closed sales in the last 6 months:

Address Square Ft #Beds #FB #HB List Price Sale Price SP$/SqFt Closing Date
1060 BRICKELL AV # 4507 2564 3 3 1 1,350,000 1,275,000 497.27 9/23/2013
1050 BRICKELL AV # 2018 1128 1 1 0 330,000 330,000 292.553 9/10/2013
1050 BRICKELL AV # 2522 604 0 1 0 259,900 255,000 422.185 8/26/2013
1060 BRICKELL AV # 3603 963 1 1 1 384,900 380,000 394.6 7/22/2013
1050 BRICKELL AV # 2714 1278 2 2 0 550,000 475,000 371.674 7/15/2013
1060 BRICKELL AV # 1403 929 1 1 0 360,000 350,000 376.749 6/27/2013
1060 BRICKELL AV # 3005 963 1 1 1 379,000 375,000 389.408 6/25/2013
1060 BRICKELL AV # 1911 1088 2 2 0 405,000 405,000 372.243 6/14/2013
1050 BRICKELL AV # 2622 604 0 1 0 255,000 242,000 400.662 6/10/2013
1050 BRICKELL AV # 1802 843 1 1 0 355,000 315,000 373.665 6/3/2013
1060 BRICKELL AV # 2505 963 1 1 1 370,000 352,000 365.524 5/24/2013
1060 BRICKELL AV # 1907 1407 2 2 0 450,000 420,000 298.507 5/3/2013
1060 BRICKELL AV # 2803 843 1 1 1 370,000 345,000 409.253 5/3/2013
1060 BRICKELL AV # 2105 963 1 1 1 370,000 340,000 353.063 5/2/2013
1060 BRICKELL AV # 4303 1765 3 2 1 1,100,000 925,000 524.079 5/1/2013

 

Active/available listings:

Address Square Ft #Beds #FB #HB List Price
1050 BRICKELL AV # 2106 613 0 1 0 310,000
1050 BRICKELL AV # 410 1000 1 2 0 349,000
1050 BRICKELL AV # 218 972 1 1 1 379,000
1050 BRICKELL AV # 222 1189 1 1 1 399,000
1050 BRICKELL AV # 1720 1288 2 2 1 528,888
1060 BRICKELL AV # 215 1053 1 1 1 339,000
1050 BRICKELL AV # 808 1066 1 2 0 379,000
1050 BRICKELL AV # 1012 1000 1 2 0 389,000
1050 BRICKELL AV # 2112 601 0 1 0 350,000
1060 BRICKELL AV # 1209 1088 1 1 0 369,000
1060 BRICKELL AV # 3719 1368 2 2 1 547,000
1060 BRICKELL AV # 1201 925 2 2 0 465,000
1060 BRICKELL AV # 1711 1088 2 2 0 465,000
1060 BRICKELL AV # 2415 945 1 1 0 389,000
1050 BRICKELL AV # 1016 1122 1 2 0 378,000
1060 BRICKELL AV # 2515 945 1 1 0 385,000
1060 BRICKELL AV # 1417 1368 2 2 1 650,000
1060 BRICKELL AV # 3307 1088 2 2 0 520,000