The Miami-Dade housing market continued its stellar performance in August, though the single-family market seems to be cooling off a bit.

The median sales price of single-family homes in Miami-Dade increased sharply in August, rising 20.5 percent from $195,000 to $235,000, according to the latest Miami Association of Realtors (MAR) numbers in the Miami Herald.

Similarly, the condo sales price in Miami remained strong as well, rising 5.6 percent from July and 27.5 percent from August 2012 to $190,000.

Single-Family Market Losing Steam?

As the same time, though, Miami-Dade’s home sales were a bit underwhelming, especially in the single-family homes market:

• Though single-family home sales were up 15.1 percent year-over-year, rising from 1,051 closings in August 2012 to 1,210 last month, that’s actually down 1.4 percent from July.
• Also, housing inventory in the single-family market remains tight; though inventory rose 3.1 percent from June, there is just a 4.9-month supply right now, down from a 5.7-month supply from  a year ago.
• Even condo sales seem to be lessening a bit. Though sales for Miami-Dade condos were still positive on all fronts, rising 3.5 percent monthly and 7.9 percent yearly to 1,592 units, it’ll be interesting to see where sales go next month.

Miami-Dade Still a Seller’s Market

There was one undeniably good sign, though, in MAR’s report – condo inventory rose 15.7 percent year-over-year to 8,543 units, and the 6-month supply is now greater that it was a year ago. Natascha Tello, the chairman of MAR, said such numbers show that Miami remains a seller’s market.

“The Miami real estate market continues to attract record numbers of domestic and international buyers and investors,” Tello said. “Such demand for Miami properties is driving robust price appreciation despite the fact that more properties are being listed for sale. Current levels of supply reflect a seller’s market, as more consumers are realizing it’s a good time to sell.”