Townhomes and condos felt the most pinch: unit sales dropped 12.1 percent in April 2016 over the previous April, 1,444 last April compared to 1,269 last month, for the entire county.
Single-family home sales fell 7.6 percent from last year to 1,150 for this April, as the median sales price hit $285,000, a 9.6 percent increase from last April’s $260,000. New listings for single-family homes, totaling 1,803, hit the market in April, 2016, but it represents only an increase of 2.3 percent year-over-year.
Factors that feed into this decline include fewer distressed properties left over from the housing bubble in 2008. (As MHProNews posted May 10,2012, following the housing bubble, Miami had one of the highest rates of foreclosures in the nation, accounting for nearly one-third of all underwater mortgages nationwide. While the national foreclosure rate for the largest 100 markets grew 1.8 percent March 2009 to Dec. 2011, that rate in Orlando, Miami, and Jacksonville hit above five percent.)
Additionally, the strong dollar and global economic conditions have staved off foreign buyers, which Miami relies on heavily. ##
(Photo credit:therealdeal/Creative Commons–Miami skyline)
