Ron Shuffield, CEO, EWM Realty

Invest: spoke with Ron Shuffield, president of Berkshire Hathaway HomeServices EWM Realty, about what is reshaping Greater Miami’s housing market, from condo assessments and shifting inventory to the dynamics driving luxury demand. “If you know the months of remaining supply, you’ll be able to tell where the median price is heading,” Shuffield said.

What are you seeing in the Miami-Dade market right now, especially around condos and pricing?

While the median price of a condominium across Miami-Dade County steadily rose 200% during the 12 years between 2012 and 2024, it has bobbled up and down for the past three years, settling at $430,000 in June 2026 from $142,000 in June 2012. The median price for the first six months of 2026 is down from a year ago by -1.1%, a drop which can likely be traced to the doubling of the mortgage interest rate in the spring of 2022 to today’s 6.5% rate, and the increasingly publicized assessments being levied by homeowner associations.

With buildings aging, and in some cases where associations have not been setting aside enough funds in reserve to cover future repairs and replacements, the burden is falling on today’s owners to catch up on their association reserve balances. It hasn’t been uncommon this year to see individual condo units being assessed for $20,000 to $50,000 or more. These aren’t just 40- to 50-year-old buildings. We’re seeing this in 20-year-old properties, as well, where deferred maintenance and underfunded reserves haven’t been managed well. In the short term, these added costs have reduced values in some properties, but the long-term outlook is strong for these buildings, which are now receiving needed updates and maintenance.

Our associates are spending many additional hours today with buyers and sellers, ensuring that all the parties have full knowledge of what future costs are projected and what assessments are outstanding or contemplated by the Association owners and management. The good news is that these buildings are in good locations and buyers want to own them. Our job as a broker is to help sellers and buyers navigate the numbers while still moving forward with confidence that the long-term value of these properties is being bolstered by the improvements that Associations are making to their buildings today.

At the other end of the spectrum, the ultra-luxury market is strong. The number of $10 million-plus single-family homes sold across Miami-Dade County in the second quarter of 2026 was up 190% – from 22 sales for the same period in 2025 to 64 sales this year. The average number of homes selling per month for more than $5 million in 2020 registered five sales, compared with an average of 43 per month in 2026 – an increase of 760%. Condos priced over $5 million have also reported dramatic results – from four sales per month in 2020 to 22 sales per month in 2026, an increase of 450%. 

How are inventory levels affecting pricing, and what’s the key metric you watch most closely?

The relationship between months of supply and the median price across the entire market, or within sub-markets, is the number one metric in our business. We consistently track months of supply across all market segments to keep a pulse on where the market is heading, so that we can provide sound facts and advice to our buyers and sellers. If you know the months of remaining supply, you’ll be able to project how the median price will move within each market. A balanced market is typically six to nine months of supply for all price points.

We have found that the higher priced markets in excess of $2 million can handle 12-15 months of supply as an optimum balance. When inventory levels move beyond these optimum ranges, prices begin to stagnate and eventually begin to drop. Conversely, when the months of inventory drop below these optimum ranges, values begin to rise.

It was the sharp decreases in the months of supply during the Covid period, measuring in some cases weeks rather than months, that propelled values to increase rapidly. The inventory of single-family homes in June 2026 was 4,536 homes, down 24% from the prior year, and the inventory of condos for this same period was 11,864 units, down 14% from 2025. The months of supply for single-family homes for Q2 2026 was  4.3 months, and condos were 11.0 months. 

After the healthy median price increases during the COVID period, and the mortgage rate increases in 2022, prices are having a harder time moving upward. In condos, we’ve seen some of the first median price decreases since COVID. Not every building behaves the same way, but broadly, pressures highlighted above are changing the buyer’s math a bit.

Are you seeing fewer home sales overall, even with Miami’s growth and visibility?

As an industry, the annual number of single-family homes and condos sold began falling in 2023 and continued falling through 2025 to the lowest annual number of homes sold over the prior 15 years. After three years of watching the number of homes and condo sales decrease, the average number of monthly sales for the first half of 2026 has increased over the number of sales in 2025 (4.5% for single-family closed sales and 2.1% for condominiums).

How have interest rates reshaped buyer behavior and affordability?

Interest rates change purchasing power, which changes demand.

When rates were around 3% (prior to 2022), you could borrow a million dollars for roughly $4,216 in a monthly principal and interest payment on a 30-year fixed-rate mortgage. When rates moved higher, if the buyer could still only afford that monthly payment, they couldn’t borrow the same amount. That gap shows up in what buyers can offer, and sellers have to be realistic about that. Higher rates also tighten supply because people who locked in low rates don’t want to sell.

If you have a 30-year fixed mortgage at 2.7% and you move, you may be more than doubling your interest rate. So instead of selling, many homeowners delay moves or try to add on to a home they already own. Single-family homes here remained scarce and are highly desirable, but the rate environment affects how quickly median prices can climb. 

Where are you seeing growth now, particularly at the high end?

The $5 million to $10 million single-family market is where we’ve seen most of the growth recently. Even when total sales are flat, that segment has shown more momentum.

Miami continues to attract affluent buyers, and it’s not only about one factor. It’s a combination of lifestyle, global connectivity, and a market that now competes as a world-class destination. Those buyers tend to be less rate-sensitive, and that helps support activity at the top of the market.

EWM joined the Berkshire Hathaway family. What has that meant for the company and for your agents?

In 2003, we sold our company to HomeServices of America, which is owned by Berkshire Hathaway, but our deep roots go back much further.  Allen Harper and I were business partners for 30 years, originally in the real estate development business based in Miami, and in 1984 we purchased Esslinger-Wooten-Maxwell (EWM Realty) from its founders, who were three women who launched EWM in 1964.

Each of our founders was highly recognized among Miami’s early leaders. Anna Mae Esslinger was one of seven life-members of the Coral Gables Chamber of Commerce and president of the Coral Gables Board of Realtors. Dodie Wooten moved to Coconut Grove in 1917 as a 6-year-old, whose father was the second physician in Miami, working alongside Dr. Jackson to build Jackson Memorial Hospital. After college, she served as the social editor of The Miami Herald before partnering with our founders, and Arline Maxwell worked for the founder of Coral Gables, George Merrick, and became lifelong friends with George’s wife, Eunice Merrick.

The renowned integrity of these three women, coupled with their dedication to the highest level of customer service, was instilled into our company’s culture over six decades ago and continues to be our greatest strength. Joining the Berkshire Hathaway family 23 years ago opened many additional doors and opportunities for our associates, not only within our South Florida community, but across the entire globe where over 40,000 fellow Berkshire-affiliated associates work from 1,400 locations, lending high name recognition and credibility. It gives our people the benefit of a brand that conveys stability and trust, and it supports the expectation that we are informed, prepared, and serious about market intelligence.

How is EWM adapting its services to stay ahead in a competitive luxury market?

Our local and global leadership leads our technology systems in keeping our associates at the forefront of the rapidly expanding AI movement. Not only do our associates have more consistent interaction with their established clients and fellow agents in our market areas, but they now have a much wider scope of building future relationships through our innovative new technologies, such as our exclusive Maestro platform.

Our business is still relationship-driven and referral-based. Attorneys, accountants, friends, and other trusted advisors introduce clients to us, and those introductions are the best, where trust is instantly established.

Real estate is still personal. A home is lifestyle, family, convenience, and identity, not just a spreadsheet. We focus on pairing strong market knowledge with high-touch service and long-term relationships.

What qualities do you prioritize in agents and staff to maintain your service standards?

Integrity is first. If you have high integrity, you have the foundation of trust, and nothing matters more in a business like ours. I tell associates that when they join our EWM Family, their reputation becomes mine, and mine becomes theirs. Every person in our company is the face of the company, and most times, a client’s impression of a brand is shaped by one interaction.

We also work with competitors on transactions all the time, so professionalism matters. Brokers remember who is respectful, prepared, and easy to work with, and that reputation shows up in referrals, repeat business, and more successfully closed deals.

How do you think Miami’s identity has changed, and why does that matter for the market?

Miami’s brand has changed dramatically over the last several decades. People used to question the city in ways they simply don’t today. Now, Miami has a worldwide draw. People travel here for the restaurants, hotels, culture and business environment – and many decide they want more than a visit. That visibility matters because real estate follows perception. The stronger the brand, the wider the buyer pool, and the more resilient the demand can be.