Single-family home sales in Miami set an all-time record in August, with 1,239 sales, according to a report from the Miami Association of Realtors and the local MLS. The same cannot be said of the city’s condo market.

“With a lack of local buildable land, purchasing a Miami single-family home is one of the wisest investments you can make,” said Mark Sadek, 2016 MIAMI chairman of the board.

Miami buyers seem to agree – at least in August they did.

The single-family side

In August, single-family home sales jumped 8.7 percent year-over-year, amounting to a 16 percent increase in sales volume, the report confirmed. The increased activity pushed median home prices up 14.5 percent from the same time last year to $300,000. That’s now 57 months of consecutive single-family home price increases.

The association frames the increase as a positive, saying that prices still represent a market far more affordable than the New Yorks and Londons of the world. But with the inventory of homes priced below $300,000 having fallen 30.6 percent year-over-year in August (a drop representative of the overall direction of that section of the market) the actual affordable part of Miami’s single-family home market is disappearing.

“Homebuyers are increasingly focusing on mid-market priced Miami homes,” Sadek said. “A significant growth in mid-market sales coupled with increased non-distressed or traditional home purchases catapulted Miami real estate to a historic month.”

And the condo side

On the condo side of the city’s market, sales were less impressive, dropping 13.6 percent year-over-year. Paradoxically, poor condo sales, which have been consistent since last year, haven’t dissuaded new and existing units from coming onto the market. As of August, there was an 11.7-month supply of condos in Miami.

In its report, the association describes Miami’s condo market as a “buyers’ market,” because, historically, a larger inventory allows buyers to more easily negotiate price. However, in 61 of the 63 months, condo prices in the city have increased. In August, Miami’s median condo price increased 5.7 percent year-over-year to $215,000.

Thousands of new condo units are slated to come onto Miami’s market over the next few years. If sales continue to plummet as they have been, the bloated inventory could pose major problems for the city’s overall real estate market.