"Miami-Dade Real Estate Market Insights July 2024: The Shift Towards Balance"
MIAMI DADE MARKET UPDATE JULY 2024
Signs of Balance!
When we look at Real Estate Market Data, we need to be mindful of the specific products and what data are we using to compare. Single Family Homes and Condos tend to behave differently.Today, I just want to show general trends; we would need to look at each micro-market to be able to assess a specific property.
Today we can appreciate that inventories are increasing compared to the last few years, but we have fewer active listings than we had 5 years ago, Pre-COVID; and properties are taking a little longer to sell.
For example, in Miami-Dade we have currently for sale 33% less units than in 2019, but compared to last year we have 41% more single-family homes and 63% more condos.
We are seeing a rapid increase in the number of older condos, most likely due to the rise in maintenance fees and assessments.
Compared to last year the median price of Single Family Homes increased in 5.9% and of Condos 1.9%.
Regarding supply and demand we can say that Single Family Homes are still showing the signs of a Seller’s Market and Condos signs of a Balanced Market. Anyhow, we don’t see a trend that the market will be crashing any time soon; and less with the recent and expected reduction of interest rates in September.
In Summary we can say:
-Inventories are increasing, but still at healthy levels
-Prices show an increase compared with last year
-The market is stabilizing to be a more balanced market
If you want to learn about a specific product, please reach ou!
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Miami-INES GARCIA
HER PROMISE
Working with Inés is not only about her experience, is not only about how much she cares… it is also about passion to keep learning every day in an ever-changing industry; all this along with communication which is key and the cornerstone of every relationship.
A long time South Florida resident with a deep knowledge of the different lifestyles you can enjoy in Miami-The Capital of the Americas.
Positive Impact:
Her goal is to positively impact the people around her transforming the experience when buying and selling real estate in a relationship based on education and enjoyment.
Trust:
What you see is what you get… transparent relationships and a lot of communication.
Congruence:
She follows her heart and her customer’s needs and interests lead the relationship.
The REAL Customer Experience:
She applies her knowledge and experience to simplify the complexities of the real estate process for you.
HER STORY
Born and raised in Venezuela, Ines moved to Miami in the year 2000. She owned a Real Estate Office in Venezuela for the largest network there, for 5 years prior to her moving to the USA.
Having lived in Broward and Dade, and selling in several areas, provides her broad perspective of the South Florida Real Estate Market. Currently a Downtown Coral Gables resident who enjoys everything about the city… especially the ability to walk to restaurants, the super market and around the Granada Golf Course.
Ines has an architecture degree from the Universidad del Zulia in Venezuela and holds an MBA from the University of Miami. Her background provides a strong foundation to share insights that help her customers make informed Real Estate decisions.
Currently a Real estate Advisor with KW Legacy. During her Real Estate career, Ines has worked both in sales and management, being the managing broker for several years with one of the largest companies in South Florida.
Previously participated in the Miami Association of Realtors as a member of the Grievance Committee, and prior to that, served on the Professional Standards Committee at the Fort Lauderdale Association of Realtors.
Ines actively participates in “Fundación Mayacuchas”, that helps organizations in Venezuela providing food and medicines along with used clothing that is distributed among the people who need it most.
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