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Market Update for Condos and Townhomes in Miami - March 2023

Market Update for Condos and Townhomes in Miami - March 2023

The Miami-Dade County real estate market for townhouses and condos has experienced fluctuations over the past two years. In this market update, we will review the latest data available for March 2023 and highlight the key findings.


Photo of condos in Brickell, Miami. Taken by Anthony Johnson.

In this article:



Closed Sales

  • The number of closed sales for townhouses and condos in Miami-Dade County was 1,420 in March 2023.

  • This represents a slight decrease compared to the previous month (February 2023), with 965 closed sales.

Closed sales for Miami-Dade Condos and Townhomes in March 2023

  • March 2023: 1,420 closed sales

  • March 2022: 2,528 closed sales

  • March 2021: 2,201 closed sales

In March 2023, the number of closed sales for townhouses and condos in Miami-Dade County was 1,420. While this represents a slight decrease compared to the previous month (February 2023), where there were 965 closed sales, it's worth noting that March is historically a slower month for real estate sales. Overall, the number of closed sales has fluctuated over the past two years, with some months increasing and others decreasing.


The number of closed sales in March 2023 decreased slightly compared to the previous month. However, the market is stabilizing after fluctuations over the past two years.


Median Time to Sale

  • The median time to sell townhouses and condos in Miami-Dade County was 76 days in March 2023.

  • This represents a slight decrease compared to the previous month (February 2023), where the median time to sell was 82 days.

Median Time to Sale chart for Miami-Dade Condos and Townhomes in March 2023

  • March 2023: 76 days median time to sell

  • March 2022: 73 days median time to sell

  • March 2021: 104 days median time to sell

The median time to sell townhouses and condos in Miami-Dade County was 76 days in March 2023, representing a slight decrease compared to the previous month (February 2023), where the median time to sell was 82 days. However, the median time to sell has fluctuated over the past two years, with some months seeing longer times and others seeing shorter times.


The median time to sell in March 2023 decreased significantly compared to the previous month, indicating that the market is becoming more favorable for sellers. Speeding up the time to sell is a positive sign for sellers. It suggests that demand is strong and properties move faster than in previous months.


Months Supply of Inventory

  • The monthly supply of inventory for townhouses and condos in Miami-Dade County was 4.7 months in March 2023.

  • This represents an increase compared to the previous month (February 2023), where the monthly supply of inventory was 4.5 months.

Months of Inventory chart for Miami-Dade Condos and Townhomes in March 2023

  • March 2023: 4.7 months supply of inventory

  • March 2022: 2.3 months supply of inventory

  • March 2021: 8.7 months supply of inventory


The monthly supply of inventory for townhouses and condos in Miami-Dade County was 4.7 months in March 2023. This represents an increase compared to the previous month (February 2023), where the monthly supply of inventory was 4.5 months. The monthly supply of inventory has fluctuated over the past two years, with some months seeing higher levels and others seeing lower levels.

The months supply of inventory in March 2023 increased slightly compared to the previous month, indicating a more balanced market for buyers and sellers.


Cash Sales as a Percentage of Closed Sales

  • The percentage of cash sales for townhouses and condos in Miami-Dade County was 53.7% in March 2023.

  • This represents a slight decrease compared to the previous month (February 2023), where the percentage of cash sales was 55.9%.

Cash Sales chart for Miami-Dade Condos and Townhomes in March 2023

  • March 2023: 53.7% cash sales as a percentage of closed sale

  • March 2022: 52.1% cash sales as a percentage of closed sales

  • March 2021: 45.8% cash sales as a percentage of closed sales

The percentage of cash sales for townhouses and condos in Miami-Dade County was 53.7% in March 2023, which represents a slight decrease compared to the previous month (February 2023), where the percentage of cash sales was 55.9%. The percentage of cash sales has fluctuated over the past two years, with some months seeing higher and others seeing lower levels.


The percentage of cash sales in March 2023 decreased slightly compared to the previous month, but the market is still stable and showing signs of strength with more cash buyers.

Average Sale Price

  • The average sale price for townhouses and condos in Miami-Dade County was $755,856.00 in March 2023.

  • This represents an increase compared to the previous month (February 2023), where the average sale price was $686,561.00.

Average Sales Price chart for Miami-Dade Condos and Townhomes in March 2023

  • March 2023: $755,856.00 average sale price

  • March 2022: $759,929.00 average sale price

  • March 2021: $616,639.00 average sale price


The average sale price for townhouses and condos in Miami-Dade County was $755,856.00 in March 2023, which represents an increase compared to the previous month (February 2023) where the average sale price was $686,561.00. The average sale price has fluctuated over the past two years, with some months seeing higher prices and others seeing lower prices.


The average sale price in March 2023 increased significantly compared to the previous month, suggesting that the market may become more expensive for buyers with higher prices.


Conclusion

Overall, the Miami-Dade County real estate market for townhouses and condos appears to stabilize after some fluctuations over the past two years. The median time to sell and percentage of cash sales have decreased slightly. At the same time, the monthly supply of inventory has increased. However, the average sale price has increased, suggesting that the market may become more competitive for buyers.

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