Data source: Miami Association of Realtors, Q1 2026. Analysis by Allioo.
Miami closed out the first quarter of 2026 with two very different real estate stories running side by side. The condo market is sitting on 13 months of supply with buyers taking their time. The single family home market has 5.7 months of supply and inventory is tightening. Here is the full picture, month by month, for both property types.
Q1 2026 Snapshot: Condos vs Single Family
| Metric | Condos (March 2026) | Single Family (March 2026) |
|---|---|---|
| Closed Sales | 1,071 | 1,063 |
| Closed Sales YOY | +2.9% | +10.6% |
| Median Sale Price | $445,000 | $674,000 |
| Median Price YOY | +1.7% | +0.6% |
| Active Inventory | 11,986 | 4,902 |
| Inventory YOY | -8.1% | -7.4% |
| Months of Supply | 13.0 | 5.7 |
| Days to Contract | 72 | 50 |
| Days to Sale | 113 | 86 |
| % Paid Cash | 49.8% | 26.3% |
| % of List Price Received | 93% | 95% |
The gap between these two markets is significant. Condos have more than twice the supply of single family homes. Single family homes are closing faster, commanding more of their list price, and seeing stronger sales volume growth year over year.
The Condo Market: Q1 2026 Month by Month
January 2026
732 condos closed in January, essentially flat year over year (-0.1%). Median sale price: $420,000, up 1.2% from January 2025. Active inventory stood at 12,509 units, up 4.2% year over year. Months of supply: 13.7. More than half of all condo purchases were paid in cash at 54.2%.
February 2026
February showed momentum. 845 condos closed, up 14.7% year over year, the strongest monthly gain of the quarter. Dollar volume hit $709.7 million, up 19.8%. However, median sale price dipped to $410,000, down 9.9% from February 2025, reflecting a mix shift toward more affordable units closing that month. Inventory tightened slightly to 12,316 units.
March 2026
March was the highest-volume month of the quarter with 1,071 closings, up 2.9% year over year. Median price recovered to $445,000, up 1.7%. Active inventory dropped to 11,986, down 8.1% year over year. Months of supply fell to 13.0. The median time to contract was 72 days and buyers received 93% of list price on average. Cash purchases dropped to 49.8%, the lowest of the quarter, suggesting more financed buyers entered in March.
Q1 Condo Summary
The condo market closed Q1 with improving sales volume and stable pricing but remains in buyer territory at 13 months of supply. Sellers competing with nearly 12,000 active listings need to price accurately and present well. There is no shortcut in this inventory environment.
The Single Family Home Market: Q1 2026 Month by Month
January 2026
661 single family homes closed in January, up 2.8% year over year. Median sale price: $699,990, up 3.7%. Active inventory: 5,433 units, up 9% year over year. Months of supply: 6.4, within balanced market range. Cash purchases accounted for 32.7% of sales.
February 2026
733 closings in February, up 4.3% year over year. Dollar volume dropped to $867.9 million despite higher unit sales, down 8.8%, indicating a shift toward less expensive homes closing that month. Median price: $685,000, up 4.6% year over year. Inventory tightened to 5,310 units. Cash share fell to 28.4%.
March 2026
March was the breakout month for single family. 1,063 closings, up 10.6% year over year. Dollar volume hit $1.56 billion, up 22.6%, the largest monthly volume figure of the quarter for either property type. Median price: $674,000, essentially flat year over year (+0.6%). Active inventory dropped to 4,902, down 7.4% year over year. Months of supply fell to 5.7. Homes went to contract in 50 days on average and closed in 86 days. Sellers received 95% of list price.
Q1 Single Family Summary
The single family market is tightening. Inventory is falling, sales volume is growing, and dollar volume surged in March. At 5.7 months of supply Miami single family is approaching balanced market conditions. If inventory continues declining through Q2, sellers will be in an increasingly strong position.
Three Key Differences Between the Markets
1. Supply tells the story. 13 months of condo supply versus 5.7 months for single family is the most important number in this report. Supply determines negotiating leverage. Condo buyers have options and time. Single family buyers are operating in a tighter pool.
2. Cash is still dominant in condos. Nearly half of all Miami condo purchases in Q1 2026 were paid in cash. This reflects the international buyer base that has historically driven Miami condo demand. Single family cash purchases are meaningful at 26 to 33% but are not the dominant pattern.
3. Single family dollar volume is accelerating. The $1.56 billion in single family dollar volume in March alone signals that high-end transactions are closing at a strong pace. Median price held flat while total volume surged, pointing to more transactions at higher price points rather than broad price inflation.
Key Takeaways: Q1 2026
Condo market: 2,648 closings across Q1. Median prices stable between $410,000 and $445,000. 13 months of supply. Buyer market. Sellers need realistic pricing and patience.
Single family market: 2,457 closings across Q1. Median prices stable between $674,000 and $699,990. 5.7 months of supply in March and tightening. Sellers in a stronger position than their condo counterparts.
Both markets: Inventory declined year over year in March for both property types, a trend worth watching closely through Q2 2026.
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