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Miami home sales increased by double-digits in August | By Zachary Wright

Miami-Dade County home sales rose 13.3 percent year-over-year with single-family homes and condominium markets posting double-digit growth, according to a new report by the MIAMI Association of Realtors. Total Miami home sales increased 13.3 percent – from 2,158 to 2,444. Single-family homes increased 10.5 percent year-over-year, rising from 1,073 to 1,186 sales. Condo sales in Miami have risen six of the last eight months. The condo market continued trending upward with 15.9 percent more sales in August 2018 compared to August 2017. 1,258 condos were sold in August 2018 compared to the 1,085 sold in August 2017.

George C. Jalil, chairman of the Miami Association of Realtors, said condos and single-family home sales have continued to rise well above the state and national average.

“Condo sales in the $150,000 to $400,000 range jumped 26.9 percent year-over-year. Single-family sales in the $250,000 to $600,000 range increased 16.4 percent,” Jalil said.

The average median sale price for condos in August was $230,000 with a median time to sale of 118 days. For single-family homes, the average median sale price was $360,000 with a median of 89 days to sale.

Sales dollar volume increased 32.6 percent to a total of $1.14 billion in August compared to last year’s dollar volume of $859.7 million. Condo sales volume climbed from $359.1 million to $499.6 million – an increase of 39.1 percent. Single-family home total dollar volume also saw a significant increase of 27.5 percent, jumping from $500.6 million to $638.4 million.

Luxury sales played a pivotal role in the rise of total sales volume. Sales on single-family homes costing $1 million or more saw a 36.4 percent jump, from 66 to 90 transactions. Luxury condo sales also saw a significant increase of 65.9 percent, from 41 to 68 transactions.