Miami Condo Market: A Detailed Analysis of July 2023 Statistics

As we forge ahead into the latter half of 2023, the Miami condo market remains a dynamic and ever-evolving landscape. This July has witnessed some notable fluctuations when compared to the same time last year, 2022. Here, we delve into the granular details to furnish you with an in-depth understanding of the prevailing market trends.

Closed Sales

In July 2023, the number of closed sales stood at 1,141, showcasing a year-over-year decrement of 17.1% from July 2022 when the number was 1,376. Despite the dip, the market holds promising avenues with Miami continuing to be a hub for real estate investments.

Cash Transactions

Cash remains king with a substantial 50.2% of transactions occurring through this medium. However, this marks a slight reduction of 1.9% as compared to the 51.2% recorded in July 2022.

Median Sale Price

An encouraging trend for sellers is the increment in the median sale price, which is now pegged at $420,000 — a significant 10.5% surge compared to the $380,000 from July last year.

Dollar Volume

Dollar volume followed a descending trajectory, settling at $746,384,009, a 5.4% decrease year-over-year from $789,167,648.

Percentage of Original List Price Received

The percentage of the original list price received saw a modest decrease of 3%, moving from 99% in July 2022 to 96% this year.

Time Metrics: From Listing to Contract to Sale

• Median Time to Contract: The timeframe to secure a contract elongated to 32 days, a marked 60% increase from July 2022’s 20 days. This suggests buyers are taking more time to make decisions.
• Median Time to Sale: This metric escalated by 20.3%, rising from 64 days in July 2022 to 77 days in July 2023.

Inventory Statistics

• Active Inventory: Active inventory experienced a minor dip of 2.3%, decreasing from 6,246 in July 2022 to 6,104 in July 2023.
• Months Supply of Inventory: A significant year-over-year rise was seen in the month’s supply of inventory, which increased by 54.5%, moving from 3 in July 2022 to 5.1 in July 2023. This rise indicates a move towards a buyer's market.

Conclusion

While the Miami condo market in July 2023 showcases a mixed bag of trends, it remains a fulcrum of lucrative opportunities for discerning investors. With buyers exhibiting a propensity to take more time in making decisions and a notable increase in inventory supply, it leans towards a buyer-friendly ecosystem. Sellers can rejoice over the appreciation in median sale prices, reflecting a healthy potential for good ROI.

As stakeholders in the Miami real estate landscape, adapting strategies to the evolving market dynamics can foster success. Stay tuned for monthly updates to navigate the Miami condo market with data-driven insights.