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Friday, March 20, 2015

 

 

 

The Miami-Dade condo market has experienced a steady increase in inventory in the past 24 months. Condo inventory levels have gone up 12.8% in the past 12 months, and 53% in the past 2 years.

With condo prices continuing to rise, many investors have decided to test the market and list their units for sale.  These new listings have to compete with 20+ new condo developments in Miami’s urban core, including an estimated 5,000+ units currently under construction.

 

Active Inventory of Condos/Townhouses in Miami-Dade County

*Please note that this does NOT include pre-construction inventory. 

 

  

Months of Inventory

In order to understand where the condo market is heading, it is important to track inventory levels relative to the current pace of sales. This metric, known as Months of Inventory, measures supply and demand, and conveys whether we are in a buyers, sellers or a neutral market. In general: 

 

Buyer’s Market: > 6 months of inventory

Seller’s Market:  < 4 months of inventory

Neutral Market: 4-6 months of inventory

 

 Months of Inventory of Condos/Townhouses in Miami-Dade County

 

As the graph shows, there are more than 10 months of inventory for Miami-Dade Condos, creating a robust Buyer’s market. Buyers now have more options to choose from, giving them greater leverage and bargaining power.

Please note that these numbers should be used to understand overall market trends. Each neighborhood and specific building are unique sub-markets, with their own intricacies. 

_____________________

In our current market, it is important to work with someone who diligently prepares market analyses, tracks trends, and understands which sub-markets are thriving, and which are over-supplied. 

If you have any questions regarding the sale or purchase of a condo in Miami, or would like a consultation regarding the value of your property, please do not hesitate to contact Alex Larmier by phone at 786-301-5357, or by email at Larmier.A@Ewm.com 

 
 
 
 

*Data from MLS and Trendgraphix, Inc. Deemed reliable, but not guaranteed. 

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