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Miami Market Report: July 2022

The Market is Changing!

SINGLE-FAMILY HOMES
The average sold price for single-family homes in Miami-Dade in July 2022 was $1.05 million, up +7% year-over-year.  Fewer single-family homes were sold and inventory levels doubled.

July 2022 vs year-over-year
Listed: 1,837 up +1%
Pended: 1,040 down -20%
Sold: 946 down -35%
Months of Inv: 3.9 up +105%
Avg Sold Price: $1.05 million up +7%

The market is currently at 3.9 months of inventory.  A balanced market has 4 to 8 months of inventory.  More inventory means more options for buyers.

Average sold price increased by 7%.  However, the consumer price index increased 8.5% in July 2022 year-over-year.

CONDOS & TOWNHOMES
The average sold price of a condo/townhome was unchanged year-over-year at $571K. Fewer condos/townhomes were listed, sold and went under contract compared to year-over-year.  Inventory increased.

July 2022 vs year-over-year
Listed: 2,364 down -19%
Pended: 1,432 down -28%
Sold: 1,346 down -45%
Months of Inv: 4.5 up +32%
Avg Sold Price: $571K  unchanged

FULL Market Report July 2022

If you are interested in buying or selling a home, contact us today. We will gladly 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
Facebook: Rebeca Castellon Group

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