The Miami housing market, both on the coastal mainland and on Miami Beach continues to slow down, notes Miller Samuel President Jonathan Miller (@JonathanMiller) in the latest quarterly Elliman Report, but remains healthy in the middle and entry markets.
On Miami Beach, the luxury condo market showed price declines while inventory continued to rise and days on the market more than doubled, from 53 to 120.
For the Miami coastal mainland, median sales price increased nearly 10 percent to $285,000, as sales fell 15 percent and days on the market nearly doubled, from 56 to 103.
"The key characteristic of Miami housing right now, whether the beach or the mainland is that it remains soft at the top," Miller says. "High-end housing has slowed but the middle and entry markets remain in pretty good shape. The rise in supply has been skewed towards the upper end of the market. This is a pattern we are seeing across many housing markets that we cover (as does Curbed) in the U.S."
- Miami Elliman Report: Q3 [Douglas Elliman]