South Florida Single-Family Listings Fall 29% as Condo Supply Swells to 8.5 Months
Updated
Updated · HousingWire · Jul 23
South Florida Single-Family Listings Fall 29% as Condo Supply Swells to 8.5 Months
1 articles · Updated · HousingWire · Jul 23
Summary
13,319 single-family listings were active in the Miami-Fort Lauderdale-Pompano Beach metro, down 29% from a year earlier, while the median list price rose 6.5% to $799,000 and the mean hit $2.16 million.
That split reflects stronger demand from domestic movers and affluent buyers targeting updated homes in prime locations; only 35.3% of single-family listings cut prices, down from about 41% a year ago.
28,074 condos were on the market, with median prices down 2.8% to $350,000, inventory up to 8.5 months from 4.9, and median days on market at 126 — a much softer backdrop than single-family homes.
International buyers, especially from Latin America, are still supporting condos and luxury projects; Miami Realtors says they accounted for roughly half of new- and pre-construction condo sales over the past 18 months.
Luxury remains the market's strongest pocket as scarce land, domestic migration and overseas capital keep demand elevated even while the broader condo sector works through added supply.