MIAMI CONDO Real Estate MARKET UPDATE - August 2024 🔴 Condo Collapse?
Summary
TLDRIn this August 2024 real estate market update for Miami, Florida, Stefania McAl, a South Florida and Miami real estate agent, discusses the condominium market, highlighting it as a buyer's market with a median sold price of $436,000. She notes a 20% increase in listed condos, a 96.2% sales-to-list price ratio, and a 7-month inventory supply, indicating a competitive market. Stefania offers personalized market reports for different neighborhoods and encourages potential buyers and investors to take advantage of the current market conditions and slightly lowered interest rates.
Takeaways
- 📅 It's August 2024 and the video discusses the Miami, Florida real estate market, specifically focusing on the condominium market.
- 🏢 The condo market in Miami is currently a buyer's market, which is good news for potential buyers but may be challenging for sellers.
- 📉 Sellers may need to adjust their expectations and be more realistic with listing prices due to increased competition.
- 🔢 The months of inventory sold is at 7.3, indicating a relatively high supply of condos on the market.
- 💰 The median sold price for a condo unit is $436,000, which is 11.63% higher than the previous month.
- 📈 New listings are starting at a median price of $490,000, which is almost 6% less than the previous month.
- 📊 The number of condos listed for sale has increased by over 20% compared to the previous year, with 1,071 properties listed.
- 📉 The median list price for active listings is down almost 2% compared to the previous month and the year before.
- 🔍 Active listings stand at 3,650, showing no significant change from the previous month but a substantial increase from the previous year.
- 📝 There is a notable gap between the number of active listings and properties under contract, indicating a slower sales pace.
- 📉 The number of properties closed has decreased by almost 20% compared to the previous month, suggesting challenges in closing deals.
- 📈 Despite the decrease in closed properties, the median sold price has slightly increased, showing some stability in pricing.
Q & A
What is the current state of the condominium market in Miami, Florida as of August 2024?
-The condominium market in Miami, Florida, is a buyer's market, which is good news for buyers but may be challenging for sellers who need to be more realistic with listing prices due to increased competition.
How long does it typically take to sell a condominium unit in Miami, Florida in August 2024?
-It takes around a month and a half to sell a condominium unit in Miami, Florida as of August 2024.
What is the median sold price for condominiums in Miami, Florida in August 2024?
-The median sold price for condominiums in Miami, Florida in August 2024 is $436,000.
How does the median sold price for condominiums in August 2024 compare to the previous month?
-The median sold price for condominiums in August 2024 is 11.63% higher compared to the previous month.
What is the current number of condominiums listed for sale in Miami, Florida as of August 2024?
-As of August 2024, there are 1,071 condominium properties listed for sale in Miami, Florida.
How does the number of listed condominiums in Miami, Florida in August 2024 compare to the previous year?
-The number of listed condominiums in Miami, Florida has increased by over 20% compared to the previous year, where there were 800 properties listed.
What is the current number of active listings for condominiums in Miami, Florida as of August 2024?
-As of August 2024, there are 550 active listings for condominiums in Miami, Florida.
What is the median list price for new listings of condominiums in Miami, Florida in August 2024?
-The median list price for new listings of condominiums in Miami, Florida in August 2024 is $490,000.
How has the interest rate change impacted the monthly payment for potential buyers in the Miami, Florida condominium market?
-Although the interest rate has only gone down a tiny bit, it makes a significant difference in the monthly payment for potential buyers in the Miami, Florida condominium market.
What is the supply situation like for the condominium market in Miami, Florida in August 2024?
-The supply situation for the condominium market in Miami, Florida in August 2024 is at 7.35 months of inventory, which is 3% more than the previous month and 70% more compared to the previous year.
How can viewers get more specific market updates or reports for condominiums or single-family properties in Miami, Florida?
-Viewers can get more specific market updates or reports by reaching out to Stefan McAllan, the South Florida and Miami real estate agent mentioned in the script, via text, email, or a phone call.
Outlines
🏢 Miami Condo Market Overview for August 2024
Stefania McAllan, a Miami real estate agent, provides an overview of the Miami condominium market for August 2024. The market is currently a buyer's market, with a 96.2% listing to sold price ratio and condos taking an average of one and a half months to sell. The median sold price is $436,000, which is 11.63% higher than the previous month. New listings have a median asking price of $490,000, almost 6% less than the previous month. The number of condos listed has increased by almost 3% compared to the previous month, with 1,071 properties available, marking a 20% increase from the previous year. Active listings stand at 550, with a median list price that has decreased by almost 2% from the previous month. The number of active listings has remained stable compared to the previous month but has increased by 45% compared to the previous year. Stefania offers assistance for those looking to buy, sell, invest, or rent and invites viewers to reach out for personalized market updates.
📉 Declining Sales and Increasing Inventory in Miami's Condo Market
The second paragraph delves into the specifics of Miami's condo market, highlighting a decrease in properties under contract and closed sales. The median lease price for pending listings is down by 1.5% compared to the previous month, and the number of properties in contract has decreased by almost 7%. The year-over-year comparison shows a significant drop from 926 properties under contract last year to 729 in the current period. The median sold price has slightly increased by 1.2% compared to the previous month, aligning closely with last year's figure of $443,000. The number of properties closed has seen a substantial decrease, down by almost 20% from the previous month and significantly lower than the 616 properties closed last year. The supply situation is characterized by 7.35 months of inventory, which is 3% higher than the previous month and a stark 70% increase from the previous year. Stefania McAllan emphasizes the importance of understanding these market dynamics for potential buyers and sellers and offers to provide detailed neighborhood-specific market reports upon request.
Mindmap
Keywords
💡Real Estate Market
💡Condominiums
💡Inventory
💡Listing Prices
💡Months of Inventory
💡Active Listings
💡Pending Listings
💡Sold Price
💡Interest Rates
💡Supply and Demand
💡Market Update
Highlights
The real estate market in Miami, Florida, particularly for condominiums, is currently a buyer's market.
Stefania McAll, a South Florida and Miami real estate agent, provides insights into the condo market.
The market has changed significantly compared to a few years ago, requiring sellers to be more realistic with listing prices due to competition.
The current median sold price for a condo unit is $436,000, which is 11.63% higher than the previous month.
New listings for condos have a median least price of $490,000, almost 6% less than the previous month.
The number of condos listed has increased by over 20% compared to last year, with 1,071 properties currently listed.
Active listings are at 550 with a median list price that has decreased by almost 2% compared to the previous month.
The number of active listings has almost doubled from last year, indicating a steady increase in inventory.
The interest rate has slightly decreased, which can significantly impact monthly payments for potential buyers.
Stefania offers to provide specific market updates or reports for different neighborhoods upon request.
There is a significant gap between the number of active listings and properties in contract, indicating many properties are not closing.
The median lease price for properties in contract is down 1.5% compared to the previous month.
The number of properties closed has decreased by almost 20% compared to the previous month.
The supply of condos on the market is at 7.35 months of inventory, which is 70% more compared to last year.
Stefania encourages those interested in single-family property stats to watch a separate video she will link in the description.
Stefania is available to assist with buying, selling, investing, or renting real estate in South Florida and Miami.
Transcripts
well well well July it's over and now we
are in August
2024 and if you're here is because you
want to know what it's going on with the
real estate market down here in Miami
Florida specifically for the condom
Market because this is going to be
specific about Condominiums but if
you're also interested to know the stats
for single family properties I will be
recording another video separately and
I'm going to give you guys the link down
below for you guys to check it out but I
decided to separate this time now a lot
a question that I get a lot is Stefania
there are so many condos coming up in
the market there will be another float
of condos and and this is the constant
question about the condom Market which
is really really different compared to
the single family property so let's dive
in into the stats of what it's going on
here in Miami
Florida by the way I am Stefania mcal
and your South Florida and Miami real
estate agent and if you're looking to
buy sell invest or even rent do not
hesitate to reach out to me my
information is going to be down in the
description box send me a text send me
an email give me a call I'll be more
than happy to help you make that move
now let's dive in into the condo Market
real estate stats for August
2024 a so the condom Market it's
definitely a buyer's market which can be
very good news for many of you uh not so
good good news for some sellers which um
I think some of them need to need to
understand that the market definitely
changed compared to a few years ago I
need to be a little bit more realistic
with listing prices because the
competition is out there 7 months3 of
inventory least to sold price we are
staying at 96.2 and it's taking around a
month and a half to sell a condo unit
medium sold price
$436,000 which it's taking about 1 month
and a have to sell a cond unit which is
substantially higher compared to last
month specifically
11.63% higher compared to last month
just last month yes new listings were
staying at
$490,000 as a least price which is
almost 6% less than last month which
says a lot but also compared to last
year they were listed at around
$469,000 so it's around around 20 plusk
difference number of condos listed we're
staying at
1,071 properties is up almost 3%
compared to last month but last year we
see here it was 800 properties meaning
there is an over 20% increase of listed
condominium units here in Miami that's
quite a lot now active listings it's
basically all the listings that are
available we are right now at 550 pretty
much of medium list price down almost 2%
compared to last month and also down
compared to last year because last year
it was
$615,000 number of active listings
3,650 it's there is almost no change
compared to last month but last year it
was
2,450 so you can see here how the condom
Market is steadily increasing into
active inventory more options for buyers
more places to choose from and now that
the interest rate went down just a tiny
bit but it actually makes a big
difference when it comes to your monthly
payment well right now maybe it's a time
for you to make that move and get your
conduit unit whether it is for yourself
or for investment and before I continue
with the stats I just wanted to add if
you want a specific market update or
market report for either single family
family property or condo of a specific
neighborhood just send me an email or
send me a text call me and I'll be more
than happy to share those specific stats
which I've done for plenty of people and
so you have a better understanding
because honestly the market changes
substantially neighborhood compared to
Neighborhood it's it's insane but that's
how it works so just just send me a text
send me an email and I'll share those
specific stats with you now let's
continue pending listings properties
that are in contract and have not closed
yet medium lease price we are at 430 uh
down 1 and a half% compared to last
month and last year was fairly similar
because it was
$433,000 number of properties that are
right now on contract is
729 so if we go up active listings we
have three over
3,600 right number of properties that
are actually in contract 700 so that
says that shows a big big gap big big
difference it's down almost 7% compared
to last month and last year it was
926 properties actually under contract
so listings this is where actually the
market talks at least for me because
it's okay properties are listed are
active yes plenty of inventory but how
much are these properties are actually
selling for medium sold price stays at
$436,000 it's up almost 1.2% compared to
last month and last year was actually
pretty similar at
$443,000 number of properties closed now
let's go up we see number of properties
in their contract at 730 right number of
properties closed
430 so numbers are decreasing
substantially meaning there is plenty of
properties that end up not closing for
whatever reason inspection uh mortgage
whatever it is uh which is down almost
20% compared to last month and it's
definitely down also compared to last
year because last year it was 616
properties closed the latest summary for
the condom market in terms of Supply we
are at 7.35 months of inventory which is
3% more than last month but
70% more compared to last year 70% more
like what anyway this is where we are if
you're interested to know what the stats
are for single family property which are
very very different do not forget to go
down in the description box I'm going to
share with you the link of that video as
well and again I am Stefan McAllan your
South Florida and Miami real estate
agent and if you're looking to buy sell
invest or rent do not hesitate to reach
out to me send me a text give me a call
send me an email and I'll be more than
happy to help you make that move
n
[Music]
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