Condominium values across Miami-Dade County have seen a slight decline, notably a 1% drop in Miami. The decline is attributed to new state regulations and a decrease in buyer demand, following a previous year of increased valuations. Market data indicates condo sales dropped by 25% in May, although prices remained steady. As a result of the slower sales pace, it would take approximately 14 months to sell the current inventory of nearly 14,000 listed condos, compared to 7 months a year ago, indicating a shift towards a buyer's market.
Condominium values in Miami-Dade County have declined slightly, with a 1% drop in the city of Miami for units built before 2024.
The MIami Association of Realtors reported a 25% decline in condo sales for May, indicating weak demand despite steady prices.
Tomás Regalado stated that the real estate market in Miami has stabilized after years of growth, shifting towards a buyer's market for condos.
With nearly 14,000 condos listed for sale, the current pace of sales suggests it would take 14 months to clear inventory, compared to only seven months last year.
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