People often ask how the market is doing, and the answer is almost always, “it depends”. The recent slowdown in sales activity across Miami-Dade is well known, but this doesn’t tell the whole story.
When we delve into 3rd quarter numbers and compare the single-family market to the condo market under $1M in Miami-Dade County, it becomes clear that it is a Tale of Two Cities.
The graph below shows the Months of Inventory for Single-family homes under $1M in Miami-Dade County. As you can see, this market has remained a Seller’s Market over the past 4 years, which has led to significant price appreciation.
The graph below shows the Months of Inventory for Condos under $1M in Miami-Dade County. As you can see, the months of inventory have steadily increased from 4 to over 10, indicating a strong Buyer’s Market.
In today’s evolving real estate market, it is critical to work with a passionate Realtor that knows the market inside and out.
If you would like to discuss your local market, and how to sell your property for top dollar, contact Alex Larmier at 786-301-5357 or by email at [email protected]