An inside look at the Miami Real Estate Market
Miami’s Housing Market Continues to Stay Red-Hot.
The South Florida real estate market remains red hot as we transition into the Fall. As demand for luxury homes exceeds the current supply, we continue to see an unprecedented number of sales as the year comes to a close.
The Miami Beach luxury single family home market has seen a slight decrease year-over-year based on average sales price. The average sales price went from $6.1M in August 2020 to $5.7M in August 2021, which equates to a 6% decrease year-over-year. But don’t let the numbers fool you – although there was a 6% decrease in single family home sales, there’s still plenty of demand.
Nearly all of the turnkey homes and spec homes have been sold, which is creating a shortage in new product. This is redirecting buyers who want to own in Miami, to turn to homes that are in need of remodeling or upgrading.
In contrast, the Miami Beach luxury condo market has seen more than 30% increases year-over-year from $604K in August 2020 to $805K in August 2021.
SEASONAL TRENDS TAKE HOLD, SLOWING SALES
While inventory increased slightly in August, active listings remain much lower than the beginning of the year. Sales activity in the $1 million to $3 million range as well as the greater than $10 million range stabilized even as purchases slowed in other price ranges. Rapid price appreciation and competition may have sidelined some buyers temporarily.
AVAILABLE INVENTORY FALLS TO NEW LOW
For sale inventory decreased from July to the lowest level on record even as the county offers the greatest number of available units in the region. In the last few months, buyers absorbed a large amount of condo units and competition is slowly increasing. Though still the lowest in the region, the share of condos sold at greater than the list price increased for the seventh-consecutive month.
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