Since the beginning of 2003, condo sales have been representing a growing share of total home sales in Miami-Dade County. However, this share has known a minor cutback in July. For example, in February 2011, the market share for condos reached a pick never equaled before: 63%, leaving the remaining 37% to house sales. However, the July record represented only 56%: a slight decrease. The local brokers,as Condoideas Realty Group, see it as a good sign that the surplus of condo stock is being consumed. As a matter of fact, during the second trimester of 2011, the luxury condos inventory dropped 25%.
Nevertheless, why do condo sales continue to dominate single-family home sales? The reason being South Florida is mainly an investor’s market. Condos are practical for people leaving elsewhere because it’s easier to take care of. Furthermore, condos represent the majority of available housing in ocean front locations which are the most desirable for an investor. Therefore, they will opt for purchasing a condo instead of a house.