EWM INSIGHT: SOUTH FLORIDA REAL ESTATE MARKETApril 14, 2020
EWM Insight: South Florida Real Estate Market At a Glance
According to the South Florida Regional MLS, single-family homes and condos in Miami-Dade County have experienced another significant increase in value during the first six months of 2015. The median price of a single-family home in Miami-Dade County increased from $245,000 to $274,000 between January and June 2015, an increase of 11.8% over the same period in 2014. The median price of a condo increased from $190,000 to $204,000, reflecting an increase of 7.4% over the same six-month period.
Single-family home closed transactions measured an increase of 7% between January and June 30, 2015, when compared to the same period in 2014. Condos measured a 3% decrease in the number of closings for the same six-month period.
The #1 metric in the real estate industry is the number of remaining months of inventory. The optimum supply range is six to nine months. During periods of less than six months of inventory, media prices generally increase more rapidly. Conversely, when the number of months of inventory moves higher than nine months, median prices tend to flatten, ultimately decreasing as the months of inventory grow. Single-family homes registered 3.8 months of supply at the end of June 2015, while condos registered 7.6 months of supply. The value picture for South Florida real estate will become more clear as we head into the third quarter of 2015.