Sales are down, prices are up (for the 18th consecutive quarter), and condo inventory is pushing a year’s supply – Miami’s second quarter is typical Miami.

The median price for single-family homes in Miami reached $295,000 during the second quarter, after an 8.6 percent year-over-year increase, according to the latest report from the Miami Association of Realtors and the local MLS. The association reminded in its report that, globally, Miami remains relatively affordable. However, compared to national figures, Miami’s median single-family price is more than $50,000 greater.

Prices in Miami’s condo market still trail the nation’s, though. In Q2, the city’s median condo price increased 5.5 percent year-over-year to $215,000, which put prices about $12,000 behind the rest of the country. The increase comes despite the the city’s condo inventory reaching an 11.3-months supply – well above the five to nine month range the association describes as “balanced.”

A little demand here, not so much there

The association points to continued appreciation as evidence of demand.

“Continued price growth in Miami points to demand for local properties, particularly in the mid-market,” said Mark Sadek, the 2016 MIAMI chairman of the board. “Due to our warm weather, exciting lifestyle, multicultural society and many other positive attributes, there will always be demand for Miami real estate from both domestic and international buyers.”

But the demand Sadek references, according to MIAMI’s own report, appears resigned to the $200,000 to $600,000 range of the single-family market, where sales jumped 6.2 percent from the same time last year; and the $150,000 to $300,000 range of the condo market, where sales increased 6 percent.

Overall, sales were down for both property types. Single-family sales declined 7 percent, and condo sales fell 12 percent.