Condos overrunning homes in Miami-Dade: EWM report

Miami /
Jul.July 16, 2015 02:45 PM

A new report from brokerage Esslinger Wooten Maxwell shows that the number of condos on the market in Miami-Dade County has now more than doubled that of single-family homes.

With this influx of new inventory comes a 3.7 percent decrease in sales volume for condos for the second quarter, compared to the same period of last year. A total of 4,588 condos were sold in the second quarter of 2015, down from 4,764 from the previous year.

Ron Shuffield, CEO of EWM and author of the report, said this trend will continue into the foreseeable future.

While more and more condos are coming online, the market is depleting its stock of single-family homes. Demand is clearly up, as sales volume in June was 6.4 percent higher than the same month last year, but the number of homes for sale has decreased 4.8 percent in that same time frame.

“While we are certainly not heading towards the drastic slowdowns experienced in the mid-2000s, there are clearly ripples in the market of which we need to be aware, and adjust accordingly,” Shuffield wrote in the report.

Interestingly, the supply of homes and condos with price tags over $1 million has notably increased. There is now 11.3 months of inventory for single-family homes in that price bracket, up from 9.3 months the year before, and 17.9 months for condos, up from 11.9 months.

Shuffield’s advice to industry members is to “keep your eye on the ball.” That means prudently evaluating property prices for both sellers and buyers.

“I have started to encourage our EWM associates to begin working with their sellers to truly assess whether their price point, especially with condominiums in the urban corridors, is viable.”

An earlier version of this story incorrectly stated that the total number of condos sold in the second quarter of 2015 and 2014 was 1,529 and 1,588, respectively. The correct figures are 4,588 and 4,764.


Related Articles

arrow_forward_ios
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)

South Florida’s pandemic-fueled residential market poised for bull run in 2021

South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)

Kate Ford’s Palm Beach estate sells for $55M

Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse

You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Ron Shuffield and Alirio Torrealba with a rendering of Biltmore Row (EWM, Twitter/MG)

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables
1722 Southwest 18th Street (Realtor)

Buyer beware, or maybe not? Homebuyer sues agents, brokerage over listing information

Buyer beware, or maybe not? Homebuyer sues agents, brokerage over listing information
From left: The Fairchild, Riley Smith, Oscar Rodriguez and Ricardo Vadia

Riley Smith team takes over sales of the Fairchild in Coconut Grove

Riley Smith team takes over sales of the Fairchild in Coconut Grove
From left: Sid Koslovsky and Felipe Azenha

Movers & Shakers: Aventura broker joins Berkshire EWM & more

Movers & Shakers: Aventura broker joins Berkshire EWM & more
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...