Video: How is the real estate market in Miami?

The real estate market in Miami remains robust as of April 2018. Statistics in this post are as of the latter date.

Since 2011, which was when prices hit the bottom of the real estate in Miami, single-family home values have recovered a whopping  92.5%. And condominiums have rebounded 102.1%.

The median price for a single-family home is $332,500 and $230,000 for a condominium.

real estate market in miami

Real estate market in Miami Single Family

Closed sales are down 13.5% from 1,276 homes to 1,104. Closed cash transactions are down 29.1% from 350 properties to 248. Average sales price (not median price) is up 8.1% from $473,972 to $535,462. Dollar volume is down 2.3% from $604.8 million to $591.2 million. The final price homeowners are receiving for the sale of their homes versus what they are originally asking for is up .1%. The number of days from when a property is listed for sale until it enters under contract is down 3.9% from 51 days to 49 days. Days from when a property is listed for sale until sold is down 9.5% from 105 days to 95 days.

The amount of houses under contract is down 19% from 1,733 to 1,403. New homes entering the market for sale is down 3.6% from 1,934 to 1,865. Existing inventory that is under contract is down 5.9% from 3,122 to 2,939. Overall inventory (new properties entering the market for sale plus existing homes that have already been on the market) is up 2.5% from 6,355 properties to 6,517. And the number of months supply for this existing inventory is up 6.9% from 5.8 to 6.2.

Real estate market in Miami Condos and Town-homes

Closed sales are down 21.4% from 1,327 units to 1,043. Closed cash transactions are down 28.4% from 791 properties to 566. Average sales price (not median price) is down 5.1% from $429,384 to $407,489. Dollar volume is down 25.4% from $569.8 million to $425.0 million. The final price homeowners are receiving for the sale of their homes versus what they are originally asking for is up .5%. The number of days from when a property is listed for sale until it enters under contract is down 8.4% from 83 days to 76 days. Days from when a property is listed for sale until sold is down 7.3% from 124 days to 115 days.

The amount of condos and town-homes under contract is down 11% from 1,589 to 1,414. New properties entering the market for sale is down 13.3% from 2,752 to 2,385. Existing inventory that is under contract is up 8% from 2,500 to 2,701. Overall inventory (new properties entering the market for sale plus existing homes that have already been on the market) is up 4.1% from 15,416 properties to 16,043. And the number of months supply for this existing inventory is up 8% from 13.8 to 14.9.

Data source: Miami Realtors Association