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Despite Increased Supply, Demand for Miami Is Still Strong

The Miami Association of Realtors has spoken with their latest stats, and the numbers display a strong showing. Miami has seen 11 consecutive quarters of price growth for both condos and single-families, propelled forward by foreign and domestic buyers.

In Q3, the median sales price for a home in Miami Dade County was $250,000, representing an increase of 8.7 percent compared to the year prior. For condos, the median sales price also moved up by 3.5 percent to $189,900.

Interestingly, there were 5 percent less Miami-Dade homes sold in Q3 this year compared to last year's record-breaking period, with the tally rounding out at 7,632 total sold.

Currently, inventory levels stand at 5.7 months for single family homes, and 8.1 months for condos. In a balanced market, there would be 6-9 months of inventory, so the single-family homes are on the low side (partially explaining the breakouts of bidding wars).

· Demand for Miami Real Estate Still High [Realty Biz News]