Miami-Dade Is on Record Pace for $10 Million Sales, but Condos Are Still a Buyer's Market

MIAMI REALTORS released its August 2026 numbers on September 16, and the report reads like two different markets. At the top, Miami-Dade recorded 194 home sales of $10 million or more through August, already 14.1% above the full-year 2025 total of 170. At the current pace the county is projected to finish 2026 with about 291, per MIAMI REALTORS, which would pass the previous record of 230 set in 2021.

The rest of the report

• Volume dipped. Total home sales fell 1.1% year over year to 1,769, and dollar volume fell 2.7% to $1.6 billion. Single-family sales dropped 3.1% to 858, while condo sales rose 1% to 911.
• Prices split. The single-family median rose from $655,000 to $680,000. The condo median moved from $410,000 to $408,000. That is flat, not a slide.
• Supply split too. Single-family sits at 4.9 months, which MIAMI REALTORS calls a seller's market. Existing condos sit at 12.1 months, a buyer's market. Single-family inventory fell 19.23% to 4,330 listings and condo inventory 9.04% to 11,495.
• Cash and speed. Cash was 37.8% of all closings, 50.5% of existing condo sales and 24.2% of single-family sales. The median single-family home went under contract in 40 days, versus 51 a year earlier, and condos in 66, versus 67.

The 1.1% dip in total sales ends a run of year-over-year gains, and the decline came from houses, not condos. Alfredo Pujol, chairman of the board at MIAMI REALTORS, said “Miami and South Florida continue to break real estate records,” and at the top of the market that is accurate. At the median, the condo numbers describe something else: flat prices, a year of supply and a buyer pool where half pays cash.

My read

If you are selling a single-family home, you are still in a seller's market, but not an unlimited one. Inventory is down almost a fifth, and the houses that sell are going under contract faster. Transactions still fell 3.1%, and about three of every four house buyers are financing, at a 30-year average Freddie Mac put at 7.40% on October 8. Price to recent closed sales on your street, not to the asks of the few homes that are sitting.

If you are selling a condo, 12.1 months of supply is the number that matters. Your buyer can scroll through more than 11,000 other listings, and half of condo buyers are paying cash, so expect a negotiation. Price at or just under your building's last closed comps from day one. Chasing the market down in small cuts costs more time than pricing right at the start. The $10 million records are real, but they are a different market from a $408,000 condo.