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Miami Real Estate Valuation update March 2017

Per the latest reports from the Miami Association of Realtors (Miami Real Estate) and MLS (Multiple Listing Services) Sales of Miami’s Mid-market single family homes rose over 10.5 percent as well as median values and total dollar volume increased in February 2017.

Mid market single family homes are considered as homes sold in the $250,000 to $600,000 range. Average sales price for condominiums increased to $220,000 (6.3% Increase) and single Family homes to $321,000 (18.8 %), respectively.

 “Competition for mid-market Miami homes continues to heat up,” said Coral Gables Realtor Christopher Zoller, the 2017 MIAMI chairman of the board. “With mortgage rates on the rise, home buyers have an urgency to lock in rates. In addition to a continued jump in mid-market sales, February’s data also showed a 56 percent increase in sales for homes priced between $600K and $1 million.”

While Mortgage rates are still at historic lows, they are rising.

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