Miami Market Report August 2021

Miami Market Report August 2021

Inventory levels remain low and prices continue to rise. Demand for Miami real estate continues and it is now the #1 migration destination in the US. (read article).

The average sold price for single-family homes in Miami-Dade was up 32% to $996K August 2021 year-over-year.  The number of closed sales was down by -13% during the same period due to lack of inventory.

August 2021 vs Year-Over Year
Avg Sold Price:         $996K up +32%
# Sold:                       1,247 down -13%
Months of Inv:         2.3 down -18%

The market is HOT. However, there are signs that the market is beginning to stabilize. For example, the number of single-family homes sold in Miami-Dade County are now at pre-pandemic levels. Click here to view FULL report.

Many buyers are opting to buy a condo or townhome instead of dealing with the price surge of single-family homes.  The number of sales for condos/townhomes increased by +52% in August 2021 year-over-year.  Average price sold increased by 32% to $553K during the same period.

August 2021 vs Year-Over Year
Avg Sold Price:         $553K up +32%
# Sold:                       1,907 up +52%
Months of Inv:         4.3 down -63%

The condo/townhome market is also showing signs that it may have already peaked.  For example, the average sold price per square foot is down from the peak in May 2021.  Average sold price per sq ft for condos/townhomes was $496 in May 2021 and it went down to $413 in August 2021.

Click here to view FULL report.

If you’re thinking of selling and curious about the value of your home in today’s evolving real estate market, contact Rebeca Castellon Group today. We would be happy to provide you with a no pressure home valuation and help you reach your real estate goals!


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