by James McClister

Miami home prices haven’t slipped in nearly five years. But sales certainly have.

For 56 consecutive months, single-family home prices have appreciated in Miami, a report from the Miami Association of Realtors and the local MLS confirmed. In July, the median sales price reached $299,000.

Condo price appreciation has been similarly predictable, rising 60 of the last 62 months, bringing the median sales price to $225,000. Still “a major bargain” by the association’s measure.

Sales fall…again

Less dependable has been sales, which continue to fall absent inventory and demand.

The report found that single-family sales fell 16.4 percent year-over-year in July; condo sales plummeted 24.7 percent; and in terms of total volume, Miami is down $100 million year to date compared to the same period in 2015.

MIAMI’s 2016 chairman of the board Mark Sadek claims that a lack of affordable inventory (single-family inventory of homes priced below $300,000 fell 34 percent year-over-year in July) at least in part, has been a major contributing factor to the poor sales the city has seen this year, but believes high median home prices will help remedy the problem.

“A world-class global city with a diverse economy, Miami has seen consistent residential price growth in the last five years,” he said. “The price appreciation is not only giving Miami homeowners the confidence to sell their homes, but it’s allowing some to use the sale of their home to buy a larger property in the area.”

Overall single-family inventory in July stood at a 5.7-month supply, while condo inventory was at 11.6-months – well over the six-to-nine-month range necessary for a balanced market.