Existing home sales and prices both rose in Miami-Dade County for the third quarter of 2015, but the market for single-family homes continues to outpace condos.
Single-family prices rose to $273,200 in the third quarter, a jump of 9 percent from $250,000 in the third quarter of 2014, according to a report released Thursday by the Miami Association of Realtors.
Condo prices hit $199,000 for the quarter, up 4.8 percent from $189,900 year over year.
A bevy of new condo construction is set to hit the market in the next two years, meaning that older condos are becoming less valuable. The inventory for condos stands at nearly nine months of supply.
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That dynamic doesn’t hold true for single-family homes, which are more rare because of a lack of land. There was roughly a five-month supply of single-family homes in the third quarter.
A healthy housing market generally has between six and nine months of inventory.
Sales of single-family homes rose 4.1 percent year-over-year to 3,6999. Condo sales stayed nearly flat for the quarter, going up less than 1 percent to 4,112.