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!
There are not enough homes for sale to meet the demand of would-be buyers in Miami-Dade. Despite their best efforts, there simply is not enough inventory for all prospective buyers to lock-in a deal and eventually buy a home.
The average sold price for single-family homes in Miami-Dade was up 50% to $1.001 million in July 2021 year-over-year. The number of closed sales was down by -6% during the same period due to lack of inventory.
July 2021 vs Year-Over Year
Avg Sold Price: $1.001 million up +50%
# Sold: 1,320 down -6%
Months of Inventory: 2.1 down -32%
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 +64% in July 2021 year-over-year. Average price sold increased by 44% to $579K during the same period.
Even though the average price sold of condos/townhomes is up year-over-year, 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 $432 in July 2021.
July 2021 vs Year-Over Year
Avg Sold Price: $579K up +44%
# Sold: 2,136 up +64%
Months of Inventory: 3.9 down -65%
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