Dade County MLS Statistics
(includes Single Family, Condos and Townhouses in all price ranges)
On the 880am radio show Real Estate Radio Network (where I serve as a monthly guest discussing Miami’s real estate market), I refer to the last 3 years as the “woulda, coulda, shoulda” days to buy real estate in Miami. In the last 12 months alone, Dade County’s Multiple Listing Service housing inventory has gone from 24,000 available listings to 14,000 available listings (all price points including single family, condo and townhouse). This is a 42% decline in available inventory. I am hard-pressed to find another market in the country (or the world for that matter) where inventory supplies have come down so quickly.
We now have 7 months of supply in Dade County. This means that if no other listings came on the market, it would take 7 months to sell all available listings given today’s consumption rate. 6 months of inventory represents a balanced market which means neither a Seller’s market nor a Buyer’s market. This is a dramatic contrast to the 5 years of inventory that Miami suffered from back in 2008 and 2009.
During this period, the consumption (purchases of this inventory) has been steady and strong. Much of the consumption has been by Latin American cash buyers buying condo investments at steep discounts as well as first-time buyers buying with FHA loans of only 3.5% down.
Despite the reduced inventory available, this is still an outstanding time to buy given the low cost to finance. Mortgage Broker Dave Fernandez of Equity Xpress just secured a 30-year fixed rate on a mortgage for under 4% for a client. This will save the buyer over $100,000 in financing costs over the life of the loan on hise $450,000 waterfront single family purchase in Pompano Beach.
Now is the time to take advantage of the “Woulda, Coulda, Shoulda” Days. I am happy to help.