We’re focusing on the Miami mainland along with Miami Beach and its barrier islands.
"A large swath of the data in these reports are resales and they are showing a market shifting from the frenzied unsustainable state of the previous few years to a more moderate level," Miller tells Curbed. "Several years of rising prices are continuing to pull more inventory onto the market. Sales remain higher than the five-year quarterly average and the local economy is good."
Miami Beach highlights:
- Average sales price climbed 12 percent to $1.018 million, the highest figure in a decade.
- Median sales price increased 2.4 percent to $434,000.
- Distressed sales decreased 55 percent.
- Rising prices pulled in more inventory, which spiked by 36 percent, while days on market doubled from 52 to 103.
- Market pace has slowed, with the number of sales declining nearly 25 percent.
- For luxury condos/townhomes, median sales price by 21 percent to $2.85 million as inventory rocketed 32 percent to over 1,000 units.
- For single-family homes, median sales price rose about 3 percent to $8.08 million while days on the market more than doubled from 30 to 75. Inventory also increased by a whopping 68 percent.
Miami Coastal Mainland highlights
- Median sales price rose 8 percent to a record $280,000 while average sales price rose 3 percent to a record $404,020.
- Total sales fell 17.5 percent as days on the market rose form 57 to 76
- For luxury condos/townhomes, median sales price fell 17 percent to $1 million while days on the market doubled from 51 to 104. Inventory climbed by 78 percent(!).
- For luxury single-family homes, median sales price decreased by 5 percent to 1.25 million as days on the market nearly doubled, from 57 to 108. Inventory rose 28 percent.