MIAMI CONDO Real Estate MARKET UPDATE - August 2024 🔴 Condo Collapse?

Summary

In 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

00:00

🏢 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.

05:01

📉 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.

Keywords

💡Real Estate Market

The real estate market refers to the sector of the economy that involves the buying, selling, and renting of properties. In the video script, this term is central as the speaker discusses the current state of the Miami, Florida condo market, highlighting it as a 'buyer's market,' indicating that it may be advantageous for those looking to purchase properties.

💡Condominiums

A condominium, often abbreviated as 'condo,' is a type of residential property where individuals own their living space while sharing ownership of common areas with other unit owners. The script focuses on the condo market, providing statistics and insights into this specific segment of the real estate market in Miami.

💡Inventory

In the context of real estate, inventory refers to the total number of properties available for sale at a given time. The script mentions '7 months3 of inventory' to indicate the supply of condos on the market, which is a key metric for understanding the balance between supply and demand.

💡Listing Prices

Listing prices are the prices at which sellers offer their properties for sale. The script suggests that sellers need to be 'more realistic' with their listing prices due to increased competition in the market, reflecting the shift in market dynamics.

💡Months of Inventory

Months of inventory is a metric used to measure the supply of properties on the market by estimating how many months it would take to sell the current inventory at the current sales rate. The script indicates a '7.35 months of inventory,' suggesting an oversupply of condos in Miami.

💡Active Listings

Active listings are properties that are currently on the market and available for sale. The script provides figures for active listings, such as '550,' to illustrate the current level of supply in the condo market.

💡Pending Listings

Pending listings are properties that are under contract but have not yet closed. The script uses the term to describe properties that are in the process of being sold, with '729' properties mentioned, indicating the volume of sales in progress.

💡Sold Price

The sold price is the actual price at which a property is sold. The script discusses the 'medium sold price' of condos, which was '$436,000,' providing insight into the current market value of condos in Miami.

💡Interest Rates

Interest rates are the percentage rates that banks or other financial institutions charge for lending money. The script mentions that interest rates have 'gone down just a tiny bit,' which can significantly affect the affordability of mortgages and the attractiveness of purchasing property.

💡Supply and Demand

Supply and demand are economic principles that describe the relationship between the availability of a product (supply) and the desire for it among consumers (demand). The script discusses the condo market in terms of supply, with an oversupply indicated by the months of inventory, which affects the demand for condos.

💡Market Update

A market update refers to the latest information or statistics about a particular market, often used to inform decisions in buying or selling. The script offers to provide specific market updates or reports for different types of properties or neighborhoods, emphasizing the importance of staying informed about market conditions.

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]