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.