Miami Real Estate Report, August 2022 Statistics
KEY NUMBERS (Compared to August 2021)
- Number of Condo Sales Down 26%
- Number of Single Family Sales Down 21.2%
- Median Condo Price – Up 11.9%
- Median Single Family Price Up 10.1%
- Inventory (Active Listings)
- Condos Down 23.8%
- SFH Up 26%
As we watch this changing market, we see some bigger Percentage changes from August 2021 but more subtle changes compared to last month. Condo closed sales were down 26% YoY, but up 7% from July with only 0.02% distressed sales. Single Family YoY sales down 21.2% and 3.2% from July with 2% distressed sales. Condo inventory at 6300 was down 23.8% YoY but up1% from July. Keep in mind that August 2019 inventory was at 15,202. Single Family with 3813 Active Listings, is down 26% YoY but up 0.04% from July, August 2019 inventory at 6385. We are suffering a serious shortage of inventory. Median Sale price for Condo and Single Family were up 11.9% and 10.1% respectively YoY and down 1% and 3% from July. Notice the leveling off of the previously very intense market. Dollar volume was down for both sectors 29% YoY but up 2% for condos and flat for SFH from July. New Pending Sales for both sectors were down substantially from last year but in July the New Pending were up 12% for condos and 8% SFH’s. Demand is strong and much more supply is needed. Consensus in the industry is that Miami is not overvalued and prices will hold. On October 20 the September report will be out and we’ll see how it compares to August. Until then….
