1. Home
  2. Miami Market Report July 2021

Miami Market Report July 2021

September 1, 2021

 

There are not enough homes for sale to meet the demand of would-be buyers in Miami-Dade. Despite their best efforts, there simply is not enough inventory for all prospective buyers to lock-in a deal and eventually buy a home.

The average sold price for single-family homes in Miami-Dade was up 50% to $1.001 million in July 2021 year-over-year.  The number of closed sales  was down by -6% during the same period due to lack of inventory.

July 2021 vs Year-Over Year
Avg Sold Price:           $1.001 million up +50%
# Sold:                            1,320 down -6%
Months of Inventory:   2.1 down -32%

Many buyers are opting to buy a condo or townhome instead of dealing with the price surge of single-family homes.  The number of sales for condos/townhomes increased by +64% in July 2021 year-over-year.  Average price sold increased by 44% to $579K during the same period.

Even though the average price sold of condos/townhomes is up year-over-year, the average sold price per square foot is down from the peak in May 2021.  Average sold price per sq ft for condos/townhomes was $496 in May 2021 and it went down to $432 in July 2021.

July 2021 vs Year-Over Year
Avg Sold Price:            $579K up +44%
# Sold:                            2,136 up +64%
Months of Inventory:   3.9 down -65%

Click here to view FULL report.

Looking to move? Call us first. We are the real estate specialist.

Connect with us:
Website: https://www.property305.com​​
Instagram: https://www.instagram.com/rebecacastellongroup/
Facebook: https://www.facebook.com/rebecacastellongroup

Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

Register
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    When are you looking to purchase?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need assistance with financing?
  • Thank You For Registering

    Just a few more details so we can help you

    (All fields are required)

    Need to also sell your property?