One of the prevailing narratives defining Miami real estate in the last few years has been the overabundance of condos, particularly in the luxury market and located in the city’s hottest sub markets.
That has certainly been the case. Consider that condo inventory in Miami is at 15 months, which is a 4 percent increase from the first quarter of 2017 and well above the six-to-nine-months threshold that indicates a balanced market.
Still, not every community in South Florida is seeing the same glut of condo inventory as some neighboring areas. In fact there are a number of neighborhoods at well under six months of condo inventory, according to the Miami Association of Realtors.
Here are the communities with the lowest condo inventory:
- Tamiami: 1.7 months
- Three Lakes: 2.7 months
- Sunset: 2.5 months
- The Crossings: 2.3 months
- University Park: 3.3 months
Unlike condos, single-family home availability is low virtually throughout South Florida and much of the country. These show the disparity in Miami’s condo market.
Check out our report on the neighborhoods with the lowest single-family home supply here.