The latest market data release from the Miami Association of Realtors focused on the continued strength of the area’s luxury housing market in May, but insights into other segments were also included in the report. Specifically, the Miami Association of Realtors found that based on inventory figures, May signaled a buyer’s market for condos in the city. This may have helped condo sales increase for the second consecutive month in May to a final tally of 1,392. This follows a particularly strong April, when condo transactions increased 24.6 percent.
With a 14-month supply of existing condos on the market in May, the Miami Association of Realtors deemed it a buyer’s market despite continued price increases. Condo prices increased 8.9 percent over the previous month, pushing the average to $245,000. That means 81 of the last 84 months have seen rising Miami condo prices.
The Miami condo market’s May performance stands in contrast to its single-family market, which saw 8.5 percent fewer sales in May compared to April. While the Miami Association of Realtors considered the single-family home market balanced according to supply and demand figures, lower sales in this segment pushed the city’s total home sales down 3.9 percent on an annual basis.
The report blamed a shortage of single-family inventory for the sales slowdown, mostly among listings priced below $400,000. Statewide, single-family homes notched an incremental 0.8 percent annual gain in closed sales, compared to a 4.1 percent year-over-year increase in the number of closed condo sales.