The Miami Association of Realtors has reported an 8.7% jump in single-family sales volume year-over-year for August 2016, with 1,239 single-family homes traded over the course of the month. This breaks the previous record for single-family homes sold in Miami-Dade in the month of August, which has stood at 1,232 sales since August 1994.
Miami-Dade’s total residential sales volume is down by 3.3%, however, owing to the 13.6% drop in condominium sales year-over-year. Only 1,150 units sold in August 2016, compared to 1,331 in August 2016. The Miami Association of Realtors attributes this drop to the low number of federally-backed loans for condo buyers – only 13% of Miami-Dade’s condo buildings qualify for FHA loans this year, compared to 29% last year.
As industry watchers have told The Real Deal in the past, all these market movements are coalescing to cause a residential slowdown in Miami-Dade. That’s not to say the market is going bust — a slower pace in sales volume and price growth could signal a return to stability after years of overheated activity.