Recent data from the Miami Realtor Association reveals intriguing trends in the Miami-Dade and Broward condo markets, presenting opportunities and challenges for both buyers and sellers. Here's a comprehensive breakdown of these markets for June 2023 compared to June 2022.
- Closed Sales: There was a notable decrease in closed sales from 1,752 in June 2022 to 1,360 in June 2023, marking a 22.4% reduction year-over-year.
- Cash Transactions: Cash payments have risen slightly by 5.6%, moving from 52.8% in 2022 to 56.0% in 2023.
- Median Sale Price: Prices have seen a slight uptick, with the median sale price for condos rising by 2% from $410,000 to $418,000.
- Dollar Volume: The overall dollar volume shrunk by 25.3%, indicating a reduced overall transaction value.
- Sale Price Vs. List Price: On average, sellers received 96% of their original listing price, a drop from a full 100% the previous year.
- Time on Market: Properties are taking longer to contract and sell, with median times increasing by 45.5% and 14.9% respectively.
- Inventory: Active inventory increased by 5.1%, while the months supply of inventory surged by 72.4%, indicating a slower-paced market.
- Closed Sales: Closed sales decreased from 1,738 in June 2022 to 1,466 in June 2023, a decline of 15.7%.
- Cash Transactions: There's a 7.3% decrease in transactions paid in cash, moving from 58.0% in 2022 to 53.8% in 2023.
- Median Sale Price: Condo prices in Broward grew by 5.7%, taking the median price from $265,000 to $280,000.
- Dollar Volume: There's a 20.2% reduction in the dollar volume from 2022, pointing towards lesser overall transaction value.
- Sale Price Vs. List Price: Sellers in Broward, on average, received 96% of their original listing price, a drop from the 100% they were getting last year.
- Time on Market: Median time to contract doubled, and the median time to sales increased by 23.6%, indicating a slowing down in the transaction process.
- Inventory: The most prominent shift is in the active inventory which surged by 41%, with the months supply of inventory also doubling.
These numbers reveal a slowing market with increased inventory, which might be advantageous for potential buyers. However, the slight rise in median sale prices indicates that the condo market is resilient. For sellers, while the time to contract and sale has increased, strategic pricing and leveraging digital platforms can make a difference. For investors, the higher percentage of cash transactions showcases the appeal of tangible assets in these regions.
As always, it's essential to work closely with a real estate professional who understands the nuances of the local market. With the right guidance, opportunities abound in both Miami-Dade and Broward counties.
