Condo prices dip in Miami for first time this year. Here’s how much they went down
Home prices decreased slightly in Miami-Dade County in August, according to the latest Miami Association of Realtors sales report on Wednesday.
The median sales price dipped by about 3% for single-family homes — from $515,000 to $500,500 — and by almost 2% for condos — from $340,000 to $335,000 in Miami-Dade.
It is the first drop in condo prices in 2021 in the county. From January through June, condo prices increased from $280,000 to $340,000 and remained steady for July. Single-family homes last declined in price from April to May.
In Broward County, prices remained steady for houses and increased slightly for condos.
Ines Hegedus-Garcia, director of strategy and innovation at Avanti Way Realty, said she expects the demand for housing in Miami-Dade will remain high with the influx of new firms.
Miami-Dade
The total number of sales rose by 30.6%, from 2,527 to 3,299 transactions, according to the Realtors report.
Miami-Dade has 2.3 months of supply of houses and 4.9 months of condos.
Median sales prices increased for houses by 20.3% when comparing August 2020 to August 2021 — to $500,500 from $416,000 — and by 36.4% for condos — to $335,000 from $265,000.
Nearly all single-family home sellers got what they wanted — houses closed at 98.7% of the listing price, up from 96% last year. Condos closed at 97.1% of the listing price in August, higher than 94.7% last year.
Cash buyers comprised 38.9% of total sales, up from 27.1% in August 2020. Miami-Dade and Broward had more cash buyers than most other U.S. counties — the national average is 22%.
Broward
The total number of sales grew by 10.8%, from 3,089 to 3,422 transactions.
Broward has 1.5 months of supply of houses and 2.1 months of condos.
Median sales prices increased for houses by 19% when comparing August 2020 to August 2021 — to $495,000 from $416,000 — and by 10.1% for condos — to $199,900 from $220,000.
All single-family home sellers got what they wanted — with 100% of houses closing at full listing price, up from 97.1% last year. Condos closed at 97.9% of the listing price in August, higher than 95% last year.
Cash buyers comprised 38.1% of total sales, up from 27.2% in August 2020.
This story was originally published September 22, 2021 at 7:39 PM.
