Miami Real Estate Report July 2024 Analytics

Condo median price for closed sales currently at $424,950, has been basically flat since May 2022 at $420,000. There have been minimal fluctuations but after the rapid increase of 59% from the pandemic through 2022 the leveling off was much needed. Condo closed sales, down 2.4% from last July, are still sluggish. Contributing factors are interest rates and the uncertainty of looming special assessments. Interest rates will come down and special assessments are a fact of life in Florida. We anticipate increased sales with the approaching lower rates, and I predict that will spur interest in cash buyers sitting on the side lines who will recognize the market coming back. At a 9.1 month supply we anticipate sellers reviewing their pricing. That’s not to say that the Median price of closed sales will go down, just that overprice listings will/should make price adjustments. Single Family is still a Seller’s Market. Median sale price increased 6.1% from last July. Closed sales were up 10.8% and dollar was up 42%.

Total foreclosures and short sales, for both condos and single family, were only 1.2% of all closings in July. We are definitely not in a distress market.

KEY NUMBERS, Compared to July 2023

·?Number of Condo Sales? down 2.4%??

·?Number of SFH Sales Up 10.8%

·?Median? Condo Price -

???????Up 1.2%

·?Median SFH Price

???????Up 6.1%

·?Inventory

????????????? Condos Up 60.1%

???????????? SFH Up 39.4%

·? Days On Market

????????? Condos 51 Days

????????? SFH 29 Days

·?Pending Inventory

???????? Condos Down 18.4%

???????????SFH Down 4.4%

Months Supply

·?Condos 9.1 months

·?SFH 4.4 months