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Are we moving into a seller's market with condos in the Metro Miami area? Here's what the data says.

Every month I will share data for the Brickell, Downtown and Edgewater areas. This data is gathered from a 3rd party company (Trend Graphix).








Months of Inventory


For reference a less than 6 months of inventory = a buyer's market.


The condo market is beginning to pick up as the inventory shortage appears to be putting a huge dent into the surplus of condo inventory. As you can see below the amount of months of inventory has drastically dropped. It looks like we are moving into a seller's market in the Metro Miami area which includes Brickell, Downtown Miami and Edgewater.



 

For Sale vs Sold


The amount of listing have dropped -10.4% since last month and there were an 7.9% increase of condos sold.



 


Day on the market (DOM)


The average days on the market have has remained pretty steady through the last year. This will most likely decrease with the increase in demand for condos.




 


Average Price & Sold


Prices continue to climb and the average sold has slightly increased. I will keep an eye out on sold prices as inventory shrinks.





 


Conclusion


It appears that this spring and summer will be an active one and a great time for sellers to sell.


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