The condominium market in Miami-Dade County, Florida, somewhat slumped this April, as the cumulative sales volume of $647 million represents a reduction compared to March, when $808 million worth of such properties was sold. In February, however, the amount was even smaller, at $544 million.
By the number of transactions, April was also slightly worse than the previous month and slightly better than two months ago. According to data from multiple listing sites collected by Redfin, 930 transactions were made in April, 1,034 in March, and 720 in February.
The condo selling price in April varied from $85,000 to $17.8 million, while the median value was $410,000. The median price per square foot was $432.
The April’s record sale was a luxurious condominium built in 2016 and located in Grand Bay, Miami. It spent 275 days in the market and sold for $17.8 million, i.e., $1,860 per square foot. Despite the impressive amount, this represents a slight decline compared to last month, when a condominium in Fisher Island was sold for $21 million.
The cheapest condominium sold in April was located in Star Lakes Estate, a neighbourhood of Miami, and cost $85,000, i.e., only $94 per square foot. It waited in the market for a buyer for 412 days.