Miami’s condo market continued to show an increase in sales volume and a decrease in inventory last month, according to a new report from brokerage Douglas Elliman.
The number of condos that were put into contract in Miami-Dade during October was up 12.8% compared to the same period in 2019. In Broward, condo market contracts were up 86% for the month, and in Palm Beach the increase was 155%.
Condo inventory in Miami has been shrinking since 2018, and that trend continued in October.
The total number of new condo listings in Miami dropped 53% compared to last year, from 4,080 units to 1,914 units. In Broward, the drop was 12%, and in Palm Beach it was 10%.
Dollar volume is likely to be up last month at an even higher percentage than the increase in transaction volume. Newly signed Miami-Dade contracts worth over $1 million were up 137% in November.
Source: The Next Miami