Miami’s rising single family and condo inventory: How are more listings impacting sales | Real Estate
If you’re looking to buy a home or condo in Miami-Dade County, there’s good news. Supply is up from a year ago.
If you’re looking to sell, the median price has shown an increase from a year ago, but more inventory means you’ll have to be patient.
According to data released by MIAMI Realtors, on its Real Time Market Stats website, from Feb. 1-11, 2024 vs. Feb. 1-11, 2025, the 5,075 available single-family homes relate to a 29.9% increase in supply from a year ago.
But, with just 132 listings sold during that 10-day span, sales showed a 32.2% decrease, as well as an 18.8% decrease in pending sales (338).
The number of single-family homes sold in Miami-Dade in January was 573, marking the lowest month dating all the way to November 2023, or as far as the visual graphic shows. That reflected in a buyer’s market. In comparison, 1,104 homes were sold last May.
Months of inventory on closed sales peaked at 8.7, an increase of 42.7% from January of 2024, and the highest level again going back to at least November 2023.
The median sales price for single-family homes in January was $683,000, staying fairly even (0.9% down) with the $689,000 median during the previous month. One year ago, the median sales price was $644,000.
Condo supply also up
Similar numbers showed up for condo, townhouse and villa sales in Miami-Dade County.
The number of listings soared 38.3% from last Feb. 1-11, to 12,233.
Again, however, total sales dropped 37.8% to 156 sales during the 10-day comparison span from a year ago.
Pending sales also dropped 28.5% with 344-unit listings.
January also reflected a buyer’s market for condos, with 678 sales, a decrease of 27.9% from the previous month (941) and a 15.8% decrease from January 2024 when 805 units were sold.
The months of inventory for condos and townhouses in the county ballooned to 17.8 months in January, a whopping 46.6% increase from December 2024 (12.2 months) and an eye-opening 71.3% increase in months of inventory over January 2024, when 10.4 months was the barometer.
Typically, the months of inventory should fall somewhere in the range between 6 and 8 months, or a little more, for a healthy market, according to Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty in Miami.
The median sales price for condos and townhouses in the county dipped to $425,000, a drop of 3.4% from the $440,000 in December 2024, but 3.7% higher than the $410,000 median price from a year ago in January.
