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There’s A Good Reason To Get Back In The Home And Condo Market In Miami. Here It Is


Home buyers can shop and save across South Florida as sales prices continue to decrease, signaling some relief from record-breaking sales prices earlier this year, according to a new report.

Median sales prices decreased in Miami-Dade County by about 1.5% for single-family homes and condos between August and September, according to the latest Miami Association of Realtors report. Sales priced dipped to $485,000 from $500,500 for single-family homes and to $300,000 from $335,000 for condos. Prices have been on a decline for houses and for condos since August.

Condo buyers also saved in Broward County. Sales prices declined by about 3%, from $220,000 in August to $213,000 in September. Unlike condos, sales prices increased for single-family homes from $495,000 to close to $500,000 over the same time.


The total number of sales grew by 20.2%, from 2,521 in September 2020 to 3,031 in September 2021, according to the Realtors report. Miami-Dade has 2.2 months of supply of single-family homes and 4.3 months of condos. Median sales prices rose for houses by 11.5% — from $435,000 to $485,000 — and by 24.5% for condos — to $265,000 from $330,000. Houses closed at 98.6% of the listing price, up from 96.7% last year. Condos closed at 97.3% of the listing price in September, higher than 94.4% last year. Cash buyers comprised 37.3% of total sales, up from 26.9% in September 2020. The volume of cash buyers exceeded the national average of 23%.


The total number of sales climbed by 5.1%, from 2,984 to 3,136 transactions, when comparing activity between September 2020 and September 2021. Broward has 1.5 months of supply of houses and two months of condos. Median sales prices expanded by 17.5% for houses — to $425,000 from $499,450 — and by 12.1% for condos — to $213,000 from $190,000.

Some single-family home sellers got what they wanted — buyers paid 100% asking price, up from 97.1% last year. Condos closed at 97.8% of the listing price in September, higher than 95.2%. Cash buyers comprised 38.9% of total sales, up from 23% in September 2020.


Source: Miami Herald




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