For the 5th time in the last 7 months, existing condo sales in Miami-Dade County have increased year-over-year, while median prices rose for all Miami properties in the month of July 2018, according to the Miami Association of Realtors and the Multiple Listing Service (MLS).
Sales of existing Miami condos rose 8.2% year-over-year in July from 1,132 to 1,225, and although single-family homes slightly decreased 1.2% from 1,117 to 1,104, the total sales increased 3.6% from 2,249 to 2,329, year-over-year.
Miami Sales Volume Spikes 11.3% to $1+Billion
Total sales volume, which includes both existing condo sales and single-family home sales, jumped 11.3% to $1.07 Billion from the prior year $961.1 Million. Broken down, sales volume for existing condos rose from $416.2 Million to $457.7 Million, which is nearly a 10% increase, while single-family home sales volume jumped 12.4% from $544.9 Million to $612.5 Million from the year prior.
Miami Endures 6.5 Consecutive Years of Price Appreciation
Single-family home prices in Miami have risen for 80 consecutive months, which is an impressive streak, increasing this July from the year prior, 10.3%. Existing condo prices increased 8% in July from the prior year and prices have increased in 83 of the last 86 months.
Miami Shows Balanced Single-Family Market & Buyer’s Market for Existing Condos
Miami Single-Family Homes
Single-family home inventory in Miami increased in July 2.1% from 6,187 active listings last year to 6,318 last month. This increase in inventory is in connection with homes listed at $600,000 or above.
The monthly supply of inventory for single-family homes reflects a balanced market. A balanced market between sellers and buyers offers between 6 and 9 months’ supply of inventory and, currently, Miami-Dade County has 6.1 months of single-family home inventory.
Existing condo inventory in Miami increased in July 0.7% from 15,077 active listings last year to 15,181 last month. This increase in inventory is in connection with existing condos listed at $300,000 or above.
The monthly supply of inventory for existing condos reflects a buyer’s market as there is currently a 13.8-month supply in Miami-Dade County.
If you are interested in buying or selling in Miami, please do not hesitate to contact Michael Light for more information regarding the overall real estate market in Miami. You may reach Michael directly at (305) 350-9842 or firstname.lastname@example.org.