The Miami Association of Realtors has recently released their latest quarterly report and their statistics show that real estate in Miami is still a very desired commodity. Miami has seen 11 consecutive quarters of price growth for both condos and single-family homes, fueled by both foreign and domestic buyers.
During the third quarter of this year, the median sales price for a home in Miami-Dade County was $250,000, an increase of 8.7% compared to the same period last year. Condos saw an increase of 3.5%, bringing the median sales price to $189,000. It's important to note that there has been a 5% increase in inventory over the last 12 months. Home prices and sales are more moderate which is resulting in a more balanced real estate market.
Currently, inventory levels stand at just under 6 months for single family homes, and just over 8 months for condos. In a balanced market, there is about 6-9 months of inventory.