Miami Area Home, Condo Prices Continue to Rise in Q2

According to the Miami Association of Realtors, Miami-Dade County home prices increased year-over-year in 2Q 2020.
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CENTRAL DISTRICT, Hong Kong - Aug. 17, 2020 - PRLog -- Miami single-family home prices increased 5.6% year-over-year, from $360,000 to $380,000. Miami existing condo prices rose 6.2%, from $247,000 to $262,250. Median prices have now increased for 34 consecutive quarters, a streak spanning 8.5 years.

Before the COVID-19 situation, the Miami-Dade market was exceptionally strong. Miami real estate had record low delinquencies, no subprime mortgage crisis, strong demand/low supply, low interest rates, strong population growth, demand from foreign buyers and tax refugees from tax burdened states, high consumer confidence and a strong job market.

Total Miami Sales Declined in 2Q 2020

Miami total home sales decreased 39.4% year-over-year, from 7,861 to 4,766. Miami single-family home sales fell 30.3%, from 3,854 to 2,688. Miami condo sales declined 48.1%, from 4,007 to 2,078.

Non-distressed sales comprised about 95.1% of all closed residential sales in 2Q 2020 vs. 93.9% in 2Q 2019.

Single-Family Homes

1. The Hammocks, a community in south Miami-Dade east of The Crossings, had 1.8 months supply.
2. Cutler Bay, a town in south Miami-Dade County, had 2.2 months supply.
3. Miami Gardens, a city in north Miami-Dade north of Opa-locka, had 2.4 months supply.
4. Homestead, a south Miami-Dade city, had 2.6 months supply.
4. Princeton, a community in south Miami-Dade south of Cutler Bay, had 2.6 months supply.


1. Kendale Lakes, a south Miami-Dade community west of South Miami, had 2.4 months supply.
2. Kendall, a south Miami-Dade community west of Pinecrest, had 3.7 months supply.
3. Homestead, a south Miami-Dade city, had 4.2 months supply
3. Fountainebleau, a community in south Miami-Dade County north of Westchester, had 4.2 months supply
4. Hialeah, a city in north Miami-Dade west of Miami Shores, had 4.3 months supply.

Seller's Market for Single-Family Homes, Buyer's Market for Condos

At the current sales pace, the number of active listings represents 4.8 months of inventory for single-family homes and 14 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.

Miami Homes Selling Close to List Price

The median time to contract for single-family home listings was 55 days, a 5.2% decrease from 58 days in 2Q 2019. The median time to contract for existing condos was 77 days, a 1.3% increase from 76 days in 2Q 2019.

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