Miami Townhomes & Condos Market Analysis: August 2023 vs. August 2022

The Miami real estate market for townhomes and condos has seen some significant shifts in the year-over-year comparison between August 2023 and August 2022. Here’s a closer look at the data and what it suggests for the market.

1. Closed Sales:

In August 2023, there were 1,230 closed sales compared to 1,473 in August 2022. This represents a decrease of 16.5%, indicating a slowing down in the number of properties changing hands year-over-year.

2. Cash Transactions:

The percentage of sales paid in cash increased slightly from 47.3% in August 2022 to 49.8% in August 2023, a 5.0% year-over-year increase. This uptick suggests that there is a greater number of cash buyers in the market.

3. Median Sale Price:

The median sale price for townhomes and condos increased to $416,000 in August 2023 from $375,000 in August 2022, marking a 10.9% growth. This signifies that property values are on the rise.

4. Dollar Volume:

The total dollar volume of sales saw an increase of 6.6%, moving from $801,724,440 in August 2022 to $854,845,080 in August 2023.

5. % of Original List Price Received:

Sellers in August 2023 received, on average, 97% of their original list price, down from 98% in August 2022, a decrease of 1%. This indicates a slight shift towards a more balanced or buyer-friendly market.

6. Median Time to Contract:

Properties took longer to go under contract in August 2023 with a median time of 34 days compared to 23 days in August 2022, an increase of 47.8%. This could be due to various factors, including pricing strategies or market demand.

7. Median Time to Sale:

It took an average of 76 days for properties to close in August 2023, up from 65 days in August 2022, an increase of 16.9%. This lengthening time frame might hint at a slightly cooling market.

8. Active Inventory:

The number of active listings in the market increased marginally by 1.7%, from 6,300 in August 2022 to 6,405 in August 2023.

9. Months Supply of Inventory:

August 2023 witnessed a 58.8% increase in the month's supply of inventory, from 3 months in August 2022 to 5.4 months. A higher supply can provide buyers with more choices, potentially putting downward pressure on prices in the future.

Conclusion:

While the Miami townhomes and condos market witnessed an increase in median sale prices and dollar volume, the number of closed sales and the speed of transactions have decelerated compared to the previous year. This mixed data indicates a complex market, one where property values are still rising, but the urgency among buyers might be diminishing. It's essential for both buyers and sellers to stay informed and consult with real estate professionals when making decisions in such a nuanced market environment.