The Miami Single Family Market is robust! All the numbers are way up except for inventory. The median time to go under contract is 32 days and median reduction from the original list price is a mere 3% and sales over $1million are up 76.7%. The condo market is showing signs of improvement but is still a Buyer’s Market. New pending sales are up over 30% with closed sales up 6.3% and dollar volume up 26.3% indicating the buyers are buying more expensive units. Sales over $1million were up 34.9% The Condo Market is definitely in the recovery mode – going in the right direction and most Industry Insiders anticipate a resurgence from International pent up demand when air travel resumes. There are many opportunities for Condo Buyers.
Key Numbers
- Number of Condo Sales Up 6.3%
- Number of Single Family Sales Up 19.3%
- Median Condo Price – Up 8.2%
- Median Single Family Price Up 15.2%
- Inventory (# of listings)
- Condos Down 6.6%
- SFH Down 37.3%
