Miami Real Estate Report, February 2023 Statistics
KEY NUMBERS (Compared to February 2022)
- Number of Condo Sales Down 46.6%
- Number of Single Family Sales Down 27.8%
- Median Condo Price –
- Up 2.6%
- Median Single Family
- Price Up 3.5%
- Inventory
- Condos up 26.4%
- SFH Up 63.5%
- Dollar Volume
- Condos Down 49.5%
- SFH Down 25.8%
- Pending Inventory
- Condos Down 46.6%
- SFH Down 39.2%
Not much has changed in the last few months. Closed sales are down, dollar volume is down and the inventory of pending sales – properties under contract – is down which translates to closings being down going forward. Median prices are still increasing but at a much milder pace. We are in a slower market, Buyers are very cautious and acting with a lot of hesitation and many Sellers are realizing that they have to reduce their prices. Newer listings are coming on the market with realistic pricing in mind and that’s where the Buyer activity is taking place, more offers and long and hard negotiations. Actual property values still remain solid, no loss of equity and virtually no distressed sales. Foreclosures represented on 0.07% for condos and 0.08% for single family homes (yes, less than 1% each) and no short sales for condos and only 2 for Single family. In the past 12 months cash sales represented 27.2% of all Single Family sales and 54.9% of condos which is considerably higher than the National average. Our weather, culture and tax advantages keep us in desirable position.
