Real Estate Blog Post – Miami September Stats

Dated: November 3 2020

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Miami Real Estate Statistics - September 2020

It has been an interesting year in real estate, with a global pandemic and interest rates at the lowest levels we have seen in a long time. Let's look at some of the statistics for the townhome & condo and single-family home markets in the Miami area.

Miami Townhomes & Condos

For Miami townhomes and condos, the number of closed sales in September of 2020 vs. 2019 is up 6.3%. While the sales paid in cash is down from 46.1% in 2019 to 39% in 2020, the median sales price is up 8.2%, and the total dollar volume is up 26.3%. In looking at time to contract and time to sales, we see significant reductions in both areas indicating buyers are moving faster in 2020. The Median time to contract dropped 27 days or 37% in September 2020 vs. 2019 and the median time to sales dropped 28 days or 21.9% over the same time period. In September 2019, active inventory was 15,142, and in the same time period in 2020, it was 14,148, representing a 6.6% reduction.

Miami Single-Family Homes

For Miami single-family homes, the number of closed sales in September of 2020 vs. 2019 is up 19.3%. While the sales paid in cash is down from 20.9% in 2019 to 15.5% in 2020, the median sales price is up 15.2%, and the total dollar volume is up a staggering 55%. In looking at the time to contract and time to sales, we see similar reductions as with townhomes & condos. The Median time to contract dropped 25 days or 43.9% in September 2020 vs. 2019 and the median time to sales dropped 20 days or 19.2% over the same time period. The active inventory and months supply of inventory are both down significantly. In September 2019, active inventory was 6,444, and in the same time period in 2020, it was 4,039, a significant difference from what we see with townhomes and condos.

There are differences in the September statistics from Miami townhomes and condos vs. single-family homes; however, we see similar statistical trends in many cases across both categories of real estate sales.

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Mary Smith

Real Estate Wealth Advisor, providing excellent service in Miami, Broward and Palm Beach County. Working to find your future home or investment in South Florida. Dedicated to providing excellent cust....

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