Spurred by downsizing baby boomers and other age groups wanting to be close to dynamic urban cores, the market share of condo sales has increased nationwide from 8% to 11-12%, according to Lawrence Yun, Chief Economist for the National Association of Realtors . In Miami, that number is closer to 45% of home sales in September. Although the level of inventory increased from September to October, so did the number of units that went pending and we are getting into our busy winter selling season. Based on our current level of condos listed on the MLS, we are still in a stable market with 6-8 months of inventory. What would help move the market would be an easing of financing restrictions so that Millennials and first time buyers could get into the market.
Miami’s Condo Market