Miami Home Prices Rose 11 Percent in July; Sales Dropped 25 Percent

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Miami Home Prices Rose 11 Percent in July; Sales Dropped 25 Percent

Miami home prices jumped 10.6 percent in July from a year ago to a median sale price of $271,000. Prices have not shown year-over-year declines since July 2011.

Miami Home Prices

High home prices seem to have discouraged buyers, as Miami home sales plummeted 25.3 percent in July, continuing an eight-month trend of year-over-year declines. July’s sales drop was the largest since at least February 2010, when Redfin began tracking the numbers.

Miami Home Sales (9)

Miami sales are on a downward spiral, and even though the calendar makes July sales look particularly low, it doesn’t negate the consistent slowdown we’ve seen in the Miami market over the past two years.

Also contributing to the sales decline was that homebuyers had fewer homes to choose from. New listings dropped 11.3 percent year over year, and overall inventory dropped 1.5 percent. The typical home spent 53 days on the market, which is nine days less than this time last year.

Condos

In the condo market, home sales fell even further, declining 31.3 percent year over year. The median sale price for Miami condos was $195,000, up 21.5 percent from last year.

“It may look surprising that prices have risen so much given that sales also declined dramatically, but much of the available condo inventory is priced in the $300,000 range and higher, which drives up the overall median price,” said Aaron Drucker, a Redfin real estate agent in Miami.

The condo market continues to be oversaturated with more listed properties than there are willing buyers; there is currently a 10.1-month supply of condos for sale, which is greater than the six months that signals a balanced market between buyers and sellers.

The number of new condos hitting the market dropped by 5.2 percent in July, but the overall supply ticked up 7.5 percent as more condos sat on the market without selling. A typical condo spent 79 days on the market before selling, the same as last year.

Single-Family Homes

The softening condo market is beginning to transfer to the single-family home market in Miami, as well. The median single-family home sale price was $315,000 in July, up 12.5 percent from last year, but sales dropped 20.2 percent.

Redfin agents note that even in historically affordable neighborhoods, some buyers are getting priced out of single-family residences, leading to a decline in home sales. In Hialeah, for example, prices for all home types rose 28.8 percent to a median $201,000, and sales dropped 24.2 percent as fewer buyers adjusted to the steep price hikes.

“We’ve seen five years of nearly consistent price growth in the single-family home market here in Miami, and it’s getting to a point where we will need to reach an equilibrium,” said Drucker. “The lower sales volume is a healthy sign for the real estate market long term; if sales continue to fall, prices will begin to stabilize.”

The number of new single-family homes hitting the market fell by 15.1 percent in July, the largest drop we have seen in years. That contributed to a drop of 9.2 percent in the total number of single-family homes for sale, but with only 3.7 months of supply, it’s still a seller’s market.

Neighborhood Trends

Pinecrest fetched some of the highest prices with a median sale price of $1,021,000, an 8.6 percent year-over-year increase. Little Havana had a much lower median sale price of $131,000, up 2.3 percent year over year.

Palmetto Bay had a 19.4 percent increase in home sales, and on the low end, Kendall saw a 43.4 percent drop.

See our city page for the most up-to-date data on Miami home prices.

Here’s what’s happening in your neighborhood:

Place Median Sale Price Year-Over-Year Homes Sold Year-Over-Year Inventory Year-Over-Year New Listings Median Days on Market Avg Sale-to-List
Andover $216,000 20.0% 5 66.7% NA NA 3 12 94.7%
Aventura $300,000 -1.6% 292 -20.4% 1,306 17.3% 668 123 93.5%
Bal Harbour $1,850,000 173.1% 8 -42.9% 183 39.7% 20 129 90.4%
Bay Harbor Islands $331,000 -4.1% 14 27.3% 150 37.6% 25 176 95.1%
Bay Point $1,900,000 -58.1% 1 -50.0% 16 33.3% 7 649 87.4%
Bayshore $1,150,000 20.4% 25 -34.2% 122 24.5% 49 109 92.6%
Beach Plaza $107,800 NA 1 NA NA NA NA 16 138.2%
Biscayne Park $350,000 -6.7% 9 0.0% 29 52.6% 8 69 95.4%
Biscayne Point $781,000 168.2% 27 -20.6% 65 0.0% 30 91 93.9%
Brentwood $192,500 16.7% 6 -14.3% 3 -25.0% 9 65 101.3%
Brickell $375,000 -9.1% 233 -20.2% 1,417 8.3% 627 125 94.0%
Coral Gables $640,000 27.4% 108 -15.6% 667 9.5% 123 64 95.2%
Coral Way $400,000 18.6% 191 -18.4% 423 -0.5% 295 63 95.6%
Cutler Bay $249,000 12.7% 79 -18.6% 238 -25.6% 111 34 96.7%
Doral $320,000 12.3% 83 -24.6% 830 22.8% 147 104 95.5%
Downtown $395,000 1.9% 128 -21.0% 795 13.2% 314 148 94.1%
Eastern Shores $176,000 5.4% 36 -14.3% 111 44.2% 59 117 94.8%
El Portal $484,500 31.9% 4 -55.6% 26 188.9% 9 39 97.4%
Fisher Island $6,820,000 241.0% 2 100.0% 62 44.2% 7 288 83.9%
Flamingo-Lummus $243,500 16.0% 100 -21.9% 455 4.1% 219 119 94.7%
Hialeah $201,000 28.8% 304 -24.2% 257 -27.2% 350 32 97.9%
Highland Village $74,000 27.6% 3 50.0% NA NA 1 42 94.3%
Homestead $192,000 20.0% 254 -9.9% 625 -22.4% 278 42 97.7%
Kendall $280,000 26.7% 90 -43.4% 346 -12.8% 125 43 96.1%
Key Biscayne $830,000 -33.1% 20 -39.4% 296 42.3% 33 109 94.6%
Keystone Point $790,000 -29.0% 10 -44.4% 52 33.3% 19 77 92.6%
La Gorce $1,942,500 36.8% 10 -44.4% 84 75.0% 27 183 89.4%
Lakewood Estates $210,000 39.5% 1 -50.0% NA NA 1 7 105.1%
Little Haiti $240,650 37.5% 52 -8.8% 111 24.7% 89 66 92.8%
Little Havana $131,000 2.3% 44 -8.3% 87 -15.5% 52 73 95.8%
Miami Lakes $340,000 13.3% 85 -26.1% 108 -15.6% 121 46 97.2%
Miami Shores $410,000 13.9% 95 -24.6% 149 9.6% 117 80 95.7%
Miami Springs $419,500 23.8% 6 -57.1% 53 26.2% 16 50 95.5%
New Belle Meade $585,000 -7.9% 1 0.0% 2 -33.3% 3 129 97.7%
Normandy Isle $190,000 -32.4% 29 -19.4% 80 27.0% 37 98 94.9%
North Bay Village $280,000 25.8% 22 0.0% 238 38.4% 36 206 94.5%
North Shore $242,500 -11.8% 74 -32.1% 294 13.1% 125 152 94.2%
Northeast Coconut Grove $654,750 -3.0% 148 -7.5% 374 35.0% 243 74 94.5%
Overtown $178,000 42.4% 9 -30.8% 17 -15.0% 12 48 99.3%
Palm Island $5,200,000 -17.2% 4 100.0% 20 42.9% 4 480 88.6%
Palmetto Bay $500,000 7.5% 43 19.4% 184 16.5% 48 35 96.5%
Pinecrest $1,021,000 8.6% 32 -15.8% 214 35.4% 36 84 94.5%
South Miami $430,000 -5.6% 61 1.7% 72 -6.5% 65 44 95.2%
South Point $732,500 -5.5% 65 14.0% 314 57.0% 120 149 93.0%
Southwest Coconut Grove $750,000 0.1% 53 -8.6% 120 6.2% 73 97 92.6%
Sunny Isles Beach $467,500 28.1% 54 -33.3% 1,185 44.5% 134 155 91.7%
Sweetwater $169,500 -0.3% 10 100.0% 12 -58.6% 6 69 95.4%
The Roads $549,000 46.5% 25 -10.7% 47 -17.5% 30 49 94.2%
Upper Eastside $404,000 19.5% 66 -25.8% 211 58.7% 118 88 95.0%
Venetian Islands $825,000 -13.6% 27 35.0% 86 30.3% 38 161 90.2%
West Avenue $266,500 -23.8% 64 -36.0% 300 27.7% 130 120 94.3%
West Flagler $270,000 20.5% 81 -3.6% 88 -21.4% 75 42 95.4%
West Miami $352,500 18.1% 4 -33.3% 16 0.0% 4 30 108.8%
Wynwood-Edgewater $370,000 1.4% 100 -20.6% 601 27.9% 265 136 95.3%
Miami, FL $271,000 10.6% 1,388 -25.3% 7,977 -1.5% 1,923 53 96.6%

For more information, contact Redfin journalist services

Phone: 206-588-6863

Email: press@redfin.com

See Redfin’s data center to find out what’s happening in other cities.

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