Real Estate Market Conditions, Miami Condo Statistics September

The following is a brake down of Miami condo sales by price and comparison to August of 2007. This information was gathered from Realtor Association of Miami-Dade County and based on transactions that were conducted through its realtors.

Miami Condo Sales

As you can see by the breakdown above:
 80% of the 170 Miami condos sold this month were priced below $800,000.
The largest segment of Miami condos sold were the 76 valued under $300,000.
There were 10 Miami condos sold between $1 million and $2 million dollars and 1 condo was priced above $10 million.
In September of last year 75% of the Miami condo sales were priced below 500,000 and 50% of the condos sold were priced below $300,000. There were no sales over $6 million dollars last year.

Miami Condo Inventory

From the chart above you can see that the Miami condominium inventory is increasing each month as the amounts of condos sold have decreased. At the end of January 2007 there were 2,561 Miami condos for sale and at the end of September 2007 there were 12,946 condos listed for sale in Miami. Less than 2% of the condos listed for sale in September were actually sales. 

Absorption rates are being used more often as an indicator to evaluate how long it would take to sell existing properties compared to current inventory and are considered the best way of tracking market performance. Absorption rates are usually used to indicate overall real estate market performance or how an entire market is doing.  

I you take the current inventory of Miami condos and the monthly condo sales statistics from the beginning of the year, you will find that  it will take almost 4.5 years to sell the entire inventory of Miami condos.

All the statistics shown above were gathered from areas: 12, 22, 32 and 42 which includes the areas of Golden Beach, Sunny Isles and the areas from South Beach up to North Miami Beach.