Miami Condo Inventory Fell for a Fifth Straight Month in June 2026, but Prices Have Not Caught Up

For two years the story in Miami condos was simple: too much supply, softening prices, and buyers holding all the leverage. That story is now half wrong. Condo listings have declined five months running, sales rose for a tenth consecutive month, and dollar volume jumped 31.48 percent. Yet the median condo price still fell to $431,000. Supply is tightening while price has not caught up, and that combination does not last long. If you are weighing existing inventory against a new tower, the Miami pre-construction buyer guide covers how the two price differently.

Five Straight Months of Falling Condo Inventory

According to MIAMI REALTORS, existing condo inventory in Miami-Dade stood at 11,550 listings in June 2026, down from 13,046 a year earlier. That is an 11.47 percent decline, and more importantly it is the fifth consecutive month of year-over-year decreases. The last time Miami condo supply contracted for five straight months was July 2023.

Why this matters more than a single month's reading: inventory is a slow-moving series. One month down can be noise, seasonality, or sellers pulling listings after a quiet spring. Five months down is a trend with sellers absorbing the overhang that built through 2024 and 2025.

My advice on reading inventory data is to always check the direction alongside the level. Twelve point three months of supply still reads as a buyer's market by the standard six-month benchmark. But a buyer's market that is tightening every month is a very different negotiation than a buyer's market that is still loosening, and most buyers I work with are anchored on last year's conditions.

Sales Are Rising While Prices Still Drift Down

Condo transactions reached 1,058 in June 2026, up 11.96 percent from 945 a year earlier. Condo dollar volume hit $940 million, a 31.48 percent increase. Across all property types, Miami-Dade closed 2,107 transactions, up 14.3 percent and the best June since 2023.

Against that, the median condo sale price fell 3.15 percent, from $445,000 to $431,000. More units are trading, at higher aggregate value, but the middle of the market is still priced below last year.

The resolution is mix. Luxury is doing the heavy lifting. Sales above $1 million rose 29.14 percent year over year, from 374 to 483. When high-end volume climbs faster than the middle, dollar volume and median price can move in opposite directions. Here is the practical read for a buyer: the softness in that median is concentrated in older, assessment-exposed inventory, not in the well-run buildings people actually want.

• Condo sales: 1,058 closings, up 11.96 percent year over year
• Condo dollar volume: $940 million, up 31.48 percent
• $1M+ sales: 483 transactions, up 29.14 percent
• Cash share of condo sales: 48.5 percent
• Days to contract: 85 days, up from 68 a year ago

Cash Buyers Are Half the Condo Market

Cash made up 48.5 percent of Miami-Dade condo sales in June 2026. Nationally, all-cash purchases run closer to a third of existing-home sales, according to the National Association of Realtors. Miami condos trade at roughly half cash.

That single number explains why Miami condo pricing does not track mortgage rates the way most U.S. markets do. When half your buyer pool is not financing, rate moves change sentiment more than they change purchasing power.

It also explains the days-on-market picture. Condos took 85 days to contract, up from 68 a year ago. Slower, but transacting, because the marginal buyer is often a cash buyer taking time to compare buildings, reserve studies, and assessment exposure rather than racing a rate lock. Cash does not remove the ongoing math either, which is where the true cost of owning a Miami luxury condo matters more than the purchase price.

Metric	Condos	Single-Family
Median price	$431,000	$695,000
Price change YoY	down 3.15%	up 3.73%
Months of supply	12.3	4.9
Cash share	48.5%	27.6%
Days to contract	85	52

The Two-Track Market: Condos Versus Single-Family

Single-family and condo are not one market. Single-family median price rose 3.73 percent to $695,000, with 4.9 months of supply, firmly a seller's market. Condos sit at 12.3 months, still a buyer's market, with median price down.

The gap traces to carrying costs. Condo owners absorbed insurance increases, SB 4-D structural reserve requirements, and special assessments that single-family owners never faced. Buildings that completed milestone inspections and funded reserves are trading normally. Buildings facing a large assessment are where discounting concentrates. The spread is sharpest in dense condo submarkets such as Brickell, where 1980s stock sits blocks from towers delivered in the last five years.

"Two buildings on the same street can be six figures apart on an identical floor plan, and the entire difference is the reserve study. That is the first document I read, before the floor plan."

Gerardo Gonzalez, Luxury Dade Group at Compass

This is why a countywide median tells you almost nothing about a specific unit. The number blends fully funded buildings with buildings carrying a pending assessment. Before making an offer, review the reserve study and inspection status using the building financial health framework.

What This Means If You Are Buying Now

Falling inventory with a still-soft median is a narrow window. It closes as supply keeps tightening.

What I walk buyers through right now:

• Separate the building from the market. Countywide medians blend healthy and distressed buildings. Underwrite the specific building.
• Read the reserve study first. A funded building at $431,000 and an underfunded one at $431,000 are different assets.
• Use the 85-day pace. Slower contracts mean room to do real diligence rather than waiving contingencies.
• Watch months of supply, not price headlines. Supply turns first. At 12.3 months and falling, direction favors sellers over time.
• Compare against new construction. New buildings carry a 10-year reserve runway, changing the carrying-cost math versus a 1980s building. See the Miami pre-construction buyer guide.

If you want the inventory and assessment picture for a specific building rather than the county average, call me at (305) 964-8614 and I will pull the actual numbers.

Frequently Asked Questions

How much did Miami condo inventory fall in June 2026?

Miami-Dade existing condo inventory fell 11.47 percent year over year, from 13,046 listings in June 2025 to 11,550 in June 2026, according to MIAMI REALTORS. It was the fifth consecutive month of year-over-year declines, the first such streak since July 2023.

Why is the median Miami condo price falling if inventory is dropping?

Supply changes register before price changes. The median fell 3.15 percent to $431,000 largely because of sales mix: $1 million-plus sales rose 29.14 percent while softness concentrated in older buildings carrying special assessments, pulling the middle of the distribution down.

Is Miami still a buyer's market for condos in 2026?

Yes, by the standard benchmark. Condos carry 12.3 months of supply versus the six-month neutral threshold. But supply has tightened five straight months, so the advantage is narrowing. Single-family is already a seller's market at 4.9 months of supply.

What percentage of Miami condo buyers pay cash?

Cash accounted for 48.5 percent of Miami-Dade condo sales in June 2026, per MIAMI REALTORS, versus 27.6 percent for single-family homes. Roughly half the condo buyer pool is not rate-sensitive, which is why Miami condo pricing tracks mortgage rates loosely.

How long do Miami condos take to sell right now?

Median time to contract was 85 days in June 2026, up from 68 days a year earlier, with 124 days to closing. Sellers received 94 percent of list price on average, giving buyers room to complete reserve-study and inspection diligence before committing.