Published by Peter Zalewski
5/30/2024 
9:26:00 PM 
Miami-Dade County condos traded for an average price of $548 per square foot in the Winter Buying Season. (Photo courtesy of Google Maps)
This was the worst Winter Buying Season for Miami-Dade County condo resales since the Great Recession, according to an analysis of statistics compiled by CondoVulturesRealty.com.
The Winter Buying Season traditionally extends from November through April when visitors flock to South Florida to take advantage of the weather, events and vibe.
Tourists may have come to South Florida and specially Miami-Dade County this Winter Buying Season but they were not purchasing condos at the same pace as previous seasons.
Buyers purchased less than 5,000 condos in Miami-Dade County between November 2023 and April 2024. By comparison, buyers bought more than 5,700 condos in the 2022-23 season. That is nearly a 13-percent drop in total transactions.
This is the second consecutive year that condo resales were down from the recent peak of the 2021-22 Winter Buying Season when nearly 11,140 units traded.
It is worth noting, the last time so few condos traded during a Miami-Dade County Winter Buying Season was the 2008-09 season when about 3,600 units transacted.
Many industry watchers consider the September 2008 bankruptcy filing of the former Wall Street investment bank Lehman Brothers as the “climax of the subprime mortgage crisis” and the resulting Great Recession, according to Wikipedia.
We crunch a lot of statistics each week and then publish the results byway of a series of reports posted on CondoVultures.com.
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Condo Market Inventory Tracker
A Snapshot Of Tricounty South Florida Region Of Miami-Dade, Broward And Palm Beach
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 24,016 | 10.2 |
| Luxury Condos | 3,740 | 15.1 |
| Shortsales | 30 | 15.0 |
| REOs | 126 | 6.6 |
| Rentals | 21,476 | 3.9 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
Confused about whether it is the appropriate time to buy or sell a condo in South Florida? The experts at CVR Realty are here to assist you in crafting a strategy during this uncertain time. Unlike many brokers offering services, our organization has been through the cycles and can assist you to capitalize on the situation.
For a free consultation, please contact the South Florida Condo Experts
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