Miami is not one market, and the single most expensive mistake a seller can make in 2026 is pricing to the headline instead of to their own segment. In June 2026, single-family homes across Miami-Dade sat at 4.9 months of supply with active listings down 22.7% year over year and the median up 3.7% to $695,000. Condominiums sat at 12.3 months with the median down 3.2% to $431,000. If you own a house you are negotiating from strength. If you own a condo you are competing.
Where the Market Actually Is
Total sales rose 14.3% year over year in June 2026 — the best June in three years — and $1M-plus closings jumped 29.1%. Dollar volume reached $2.4 billion for the month, up 36.4%. The luxury end is doing the heavy lifting: sales above $10M doubled year over year in Q1 2026, and sales above $30M doubled as well.
Timing expectations matter. Single-family homes took a median 52 days to go under contract and 94 days to close; condominiums took 85 days to contract and 124 days to close. Sellers received roughly 95% of original list price on houses and 94% on condos — meaning the average Miami seller already concedes five to six percent from their opening number.
Your Buyer Is Probably Paying Cash — and Probably Found You Online
38.1% of all Miami-Dade closings in June 2026 were cash, against 26% nationally. For condominiums it was 48.5%. Cash buyers close faster and negotiate harder, which raises the cost of an inaccurate asking price.
Miami is also the number one U.S. market for international buyers, who spent $4.4 billion on South Florida property in 2025, up from $3.1 billion — 15% of all dollar volume against 2% nationally. About half paid cash, 51% bought condominiums, and they took 49% of new-construction sales. Colombia, Argentina, Mexico, Brazil, Venezuela and Canada lead the list. Domestically, Miami ranked third nationally for homebuyer net inflow in Q1 2026, with New York the top origin market.
And they start online. Per the National Association of Realtors’ 2025 profile, 46% of buyers begin their search on the internet and 52% found the home they purchased online — against 27% who found it through an agent. 81% rate listing photographs as very useful. That is why presentation is not decoration; it is distribution.
If You Are Selling a Condo
Be direct about the building. Florida law requires you to deliver the milestone inspection summary, the structural integrity reserve study, the financials and the governing documents before contract — and the contract is voidable by the buyer if you do not. Assemble that package before listing rather than scrambling mid-escrow.
There is a financing dimension too: only about 0.9% of South Florida condo buildings are FHA-approved, which is a large part of why the condo buyer pool is so cash-weighted. A building with a completed inspection and funded reserves is a materially easier sale than one without, and it should be marketed that way.
The Cost of Overpricing
Zillow’s research has found that homes selling quickly close about 1% below list, homes lingering around two months close roughly 5% below, and the longest-listed properties close about 12% below — with price-reduced homes taking up to five times longer to sell. In a market where the median house goes under contract in 52 days, the first month of exposure is where a full-price outcome is won or lost.
On timing, Zillow’s analysis of 2025 sales found Miami homes listed in late May sold for about a 0.8% premium. That is real but modest — Miami is far less seasonal than northern markets because demand is year-round, international and cash-heavy. Your segment’s supply picture matters more than the calendar.
The Rule That Changed on 3 August — and Why It Is a Seller’s Problem, Not a Buyer’s
On 3 August 2026, Fannie Mae retired the Limited Review process for established condominium projects under Lender Letter LL-2026-03. Coverage of this has been written almost entirely for buyers. That is the wrong way round: the party who loses money when a building fails a lender’s review is the person trying to sell in it.
Here is the mechanism. Established projects now require a Full Review at every down-payment level, unless the project has ten or fewer units — which excludes essentially every condominium tower in Miami. A larger deposit from your buyer no longer shortens the list of questions asked about your building.
48.5% of Miami-Dade condominium sales closed in cash in June 2026. The other 51.5% needed a lender. If your building cannot clear a Full Review, it does not become unsellable — it becomes cash-only, and roughly half of your buyer pool disappears. In a segment already carrying 12.3 months of supply, that is not an inconvenience. It is a repricing, and it lands on whoever is on the market when it happens.
Two further dates decide whether your building clears:
- Since 1 July 2026 — a master property insurance policy with a deductible above $50,000 per unit makes a project ineligible. Coastal carriers have pushed deductibles hard, and many associations accepted the increase to hold the premium down without understanding what it did to their owners’ resale market.
- From 4 January 2027 — the minimum reserve allocation rises from 10% to 15% of annual budgeted assessment income. An underfunded association has roughly five months to fix it or lose financeability for every owner in the building.
One change helps: the 50% investor-concentration limit on established projects under Full Review was retired with immediate effect. If your building has heavy rental ownership — common in Brickell and Edgewater — a barrier that previously blocked your buyers is gone.
What to do before you list, not after you are under contract
Ask your association for the lender questionnaire position before you go to market. Specifically: has the building been reviewed recently, what did it find, what is the master policy per-unit deductible, and what is the reserve allocation against the 15% standard arriving in January. Pair that with the milestone position under Florida Statute 553.899 — inspection due by 31 December of the year the building turns 30, then every ten years, with a local agency able to require the first at 25 years.
A seller who can hand a buyer’s lender a clean package closes. A seller who discovers the problem in week six of escrow renegotiates from the weakest position available. The information is identical in both cases; only the timing differs, and the timing is worth real money.
Key Takeaways
- Single-family: 4.9 months of supply, inventory down 22.7%, median up 3.7% — a seller’s market.
- Condominiums: 12.3 months of supply, median down 3.2% — a buyer’s market requiring sharper pricing and preparation.
- $1M-plus sales rose 29.1% year over year; $10M-plus and $30M-plus sales both doubled.
- 38.1% of all closings are cash — 48.5% for condos — versus 26% nationally.
- 52% of buyers find their home online, so photography and presentation are distribution, not decoration.
Frequently Asked Questions
Is 2026 a good time to sell in Miami?
For single-family homes, yes — 4.9 months of supply, inventory down 22.7% and prices up 3.7%. For condominiums it is a buyer’s market at 12.3 months with prices down about 3%, so pricing and preparation carry more weight.
How long does it take to sell a home in Miami?
In June 2026 the median single-family home took 52 days to go under contract and 94 days to close; condominiums took 85 days to contract and 124 days to close.
What percentage of asking price do Miami sellers get?
Roughly 95% of original list price for houses and 94% for condominiums — so the average seller concedes five to six percent from their opening number.
When is the best time of year to list in Miami?
Zillow’s analysis of 2025 sales found late-May listings sold for about a 0.8% premium, though Miami is far less seasonal than most markets because demand is year-round and international.
Do I need to fix my condo building’s inspection issues before selling?
You often cannot fix them yourself, but Florida law requires you to deliver the milestone inspection summary, reserve study and financials before contract — and the contract is voidable if you do not. Assemble that package before listing.
Why are so many Miami buyers paying cash?
38.1% of all closings and 48.5% of condo closings were cash in June 2026, driven by international buyers, luxury demand, and the fact that only about 0.9% of South Florida condo buildings are FHA-approved.
What do international buyers want?
They bought $4.4 billion of South Florida property in 2025 — 15% of dollar volume — with about half paying cash, 51% buying condominiums and 49% of new-construction sales going to them. Colombia, Argentina, Mexico and Brazil lead.
What happens if I overprice my home?
Zillow research has found homes that linger about two months close roughly 5% below list and the longest-listed close about 12% below, with reduced listings taking up to five times longer to sell.
Can my building stop my buyer getting a mortgage?
Yes, and this changed on 3 August 2026. Fannie Mae retired the Limited Review process, so established projects now face a Full Review at every down-payment level unless they have ten or fewer units. If your building cannot clear it, you lose the 51.5% of Miami condominium buyers who need a lender and become a cash-only sale.
What should I ask my association before listing?
The master policy per-unit deductible (above $50,000 breaks lender eligibility as of 1 July 2026), the reserve allocation against the 15% minimum arriving 4 January 2027, the milestone inspection year and report under Florida Statute 553.899, the structural integrity reserve study, and any pending litigation. Get it before you go to market, not during escrow.
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Pricing at the very top? The verified record of Miami\u2019s most expensive sales shows what actually closed, including the trades that lost money.
\n\nSources and further reading
- Miami-Dade County Property AppraiserYour property record, assessed value and homestead status.
- MIAMI Association of Realtors market reportsWhat comparable properties are actually achieving, month by month.
- Florida DBPR licence lookupVerify any real estate licensee you are considering, including me.
- Florida Statutes Chapter 718, the Condominium ActWhat a condominium seller must disclose and deliver.
- Fannie Mae Lender Letter LL-2026-03, Updates to Project Standards and Property Insurance Requirements, 18 March 2026The rule that decides whether your buyer can finance your building.
- Florida Statute 553.899, mandatory structural inspectionsMilestone inspection timing for condominium and cooperative buildings.
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