Welcome to my monthly market update for October 2020 in Miami Dade County.
There are a couple of interesting facts for this month’s market update. So yes, you can guess that the market is on fire again. We have been on fire for the last couple of months. Since May-June the market has been on fire.
Last month September 1,288 single-family homes sold and that number is down a little from the month before because in August 1,357 closed sales. There is definitely a strong market even though decreases a little but certainly we are seeing low inventory. Now, when we compare September 2020 with September 2019, the number of closed sales is up 19.3% because by then 1,080 closed. And that is actually a huge change bringing the median sale price up again for 5 consecutive months. The prior month the median sale price was at $416,000 and now we jumped to $435,000. That is a 4.6% increase from August and 15.2% from September 2019 from $377,000. That is huge!
The MIAMI Chairman of the Board Jorge L. Guerra Jr. said. “Home sales are not only increasing by double digits, but properties are going under contract significantly faster than last year, a sign of the robust demand for Miami real estate.” And that is what specifically means the numbers that I just gave you. To give you more data, the Miami single-family homes inventory has now decreased for 14 consecutive months and has 3.8 months supply of inventory, meaning a strong seller’s market.
Luxury Home Sales jumped in September 2020. Single-family luxury homes in Miami jumped 76.7% year-over-year to 159 sales in September 2020 and 3.9% from August with 153. The highest home was sold for $33M an incredible 10K Sq. Ft. beautiful home with stunning waterviews.
We had a total of 1,632 new listings which is up from the previous month with 1,622 and 0.8% up from last year. Right now we have been in 106 Consecutive Months of Price Appreciation in Miami. The Strong demand coupled with limited supply continues to drive price appreciation in Miami-Dade. And for months of supply inventory for single-family homes decreased by 35.6% to 3.8 months, which indicates a seller’s market. Inventory for existing condominiums increased by 6.2% to 13.8 months, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-month supply.
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