Miami Real Estate Report, April 2023 Statistics
The market is becoming more normalized with condo closed sales being up 6 out of the last 7 months and Single Family Homes up 7 of the last 8 months and equal to pre-pandemic condo sales and just 10% off pre-pandemic SFH sales. Prices are holding with a 6.4% and 6.2% increase for condos and SFH respectively with months’ supply of inventory up close to double of last year. Distressed sales, including short sales and foreclosures – of condos and SFH – made up a mere 0.01% of all sales, clearly indicating that this market is not distressed. In addition, cash sales are up considerably higher than the national average. YTD condos had 53.3% cash and 24.8% for SFH.
Buyers are realizing that the Miami market is not crashing and it certainly is not distressed and sellers putting their property on the market at realistic – good prices, are selling them. We still need more inventory but we do have the great weather, culture, restaurants, night life, business climate and tax advantages. And we have demand. Contact us for professional service and advice for all your real estate needs.
KEY NUMBERS (Compared to April 2022)
- Number of Condo Sales
- Down 44.4%,
- Number of Single Family Sales
- Down 19.7%
- Median Condo Price
- Up 6.4%
- Median Single Family
- Price Up 6.2%
- Inventory
-
- Condos up 34.6%
- SFH Up 28.3%
- Dollar Volume
- Condos Down 48.2%
- SFH Down 26.7%
- Pending Inventory
-
- Condos Down 35.7%
- SFH Down 23.2%
