I have been doing a lot of market updates recently, because it is such an interesting time in South Florida. Wherever I go, I hear “You must be loving this market”. Yes, it is a nice, steady market, but it is not exactly what most people out there think. These graphs give such a clear picture of the condo and housing market in Miami-Dade County over the past year. Before last year, we were in such a growth mode, but the past year has shown a rather consistent hold on the market. Yes, you will see a couple of upticks, but overall we are holding steady. This is what I have been seeing in my markets, but again, these graphs reinforce this.
The amount of condos for sale last year in August was 10,542 and this August we were at 11,423, an 8% increase. Single family homes over the same period were at 5,706 last year and dipped slightly to $5,432, a 5% decrease. As far as what has sold, the condo market saw 1,360 sales last August and this year 1,398, a 2.8% increase.
The median sale price for condos in Miami-Dade County increased by 7% when averaging the summer months last year compared to the summer months this year. Single family homes increased by 9%. The last measure we are looking at is months of supply and single family homes seem to be down 10% while condos are up 5%.
All of this shows a healthy market with slight growth. The past few years we would have declared a seller’s market, but now we are in a more balanced market. It is important for sellers to understand that we cannot just put an unsubstantiated price out there and hope to get it. Buyers are still willing to pay a fair price, even if that is the full price, but if a home is priced too high it will sit and lose momentum. It is more important than ever that we are thoughtful with our pricing!
Contact me for more information or a showing! Download and print the graph above, for the Miami Real Estate Market. If you are looking to list your home / condo, please call me directly at 305.798.8685 or visit my website: Luxury Miami Real Estate.
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
As the #7 Realtor company-wide at EWM in 2014, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!