Monthly market report key numbers give an insight into what's happening in the Miami Real Estate Market. We're here to help you you can take advantage of the ups and downs to get the best deal on what you are looking for.
You are viewing the report for Townhouses and Condos. There is a separate report for Single Family Homes.
The Key Numbers:
| September 2023 | September 2022 | % Up/Down | |
|---|---|---|---|
| Condo Sales | 1,090 | 1,309 | -16.7% |
| Median Price | $ 415,000 | $ 395,000 | 4.1% |
| Listings | 6,685 | 6,399 | 4.5% |
| Months Supply | 5.8 | 3.5 | 65.7% |
What does it all mean?
September 2023 Monthly sales report - Key Data
Number of Condo Sales - DOWN -16.7%
Number of Single Family Homes - UP 2.9%
Median Condo Price UP 4.1% from last month and 5.1% YTD
Median SFH price Down - 3.5% from last month and UP 5.6% YTD
Inventory for Sale:
Condos UP 4.5%
SFH DOWN - 15.2%
Days on Market:
Condos - 34 days
SFH - 23 days
Months of Supply:
Condos - 5.8 months
SFH - 3.8 months
September 2023 unit sales are down for CONDOS and UP SLIGHTLY for Single fmily homes ... -16.7% and +2.9% respectively compared to September 2022.
There is 5.8 month supply of condo inventory and 3.8 months supply of single family homes. This means that if no new listings came on the market then it would take that many months to completely sell out the current inventory. The MONTHS of Inventory statistic has increased SIXTY-FIVE (65%) percent since last year....look out below!!
A balanced real estate market is considered to be six to nine months of inventory. We are still in a Sellers' market but rapidly approaching an equilibrium market where pries will rise at approximately the CPI rate..
REAL DEAL
Miami-Dade County
Total home sales in Miami-Dade County dropped 13 percent, year-over-year. Single-family home sales ROSE 2.9 percent, to 894 sales, while condo sales plunged 16.7 percent to 1,090.
The median sale price of single-family homes in Miami-Dade ROSE 5.6 percent, to $600,000. Condo sale prices grew 5.1 percent to $415,000.
Total dollar volume in the county slid in September 2023 to $1.6 billion from $2.2 billion in September 2022. Single-family homes closed $983 million in dollar volume, up almost thirty (30%) percent compared to the same month of last year. Condos closed $685 million in sales, dropping 17.8 percent, year-over-year.
To say the market is Shifting would be an UNDERSTATEMENT!!
If you are thinking about selling real estate in the Miami Coastal Market, or know someone who is, please contact us for a free property price analysis.
If you are interested in buying a residence, vacation home or rental property (residential or commercial), or know someone who is, please contact us to get comprehensive information of properties that are available and that meet your requirements.
If you want to lease a property, we can help you there too.
We work as Single Agents adhering to a Fiduciary Standard, the legal term for putting customer s interests first!
View the complete report (.pdf)
Oftentimes people have real estate needs, regardless of what the market is doing. We're here to help. If you are looking and buying or selling a condo in the Miami area, contact us. Use the form below to find out what your condo is worth ... or just send an email and tell us what you are looking for.
