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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.

If you’re thinking of selling and curious about the value of your home in today’s evolving real estate market, contact Rebeca Castellon Group today. We would be happy to provide you with a no pressure home valuation and help you reach your real estate goals!

Connect with us:
Rebeca Castellon Group
305-600-8493
Rebeca@Property305.com

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LinkedIn: Rebeca Castellon
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