Miami Real Estate Report, May 2023 Statistics
KEY NUMBERS (Compared to May 2022)
- Number of Condo Sales
- Down 31.6%,
- Number of Single Family Sales
- Down 12.8%
- Median Condo Price –
- Falt—no change
- Median Single Family
- Price Up 7.8%
- Inventory
- Condos up 25.7%
- SFH Up 8.2%
- Dollar Volume
- Condos Down 35.2%
- SFH Down 17.2%
- Pending Inventory
- Condos Down 29.6%
- SFH Down 8.2%
Months Supply
- Condos 5.1 up 104%
- SFH 3.3 up 50%
Increased market activity is evidenced by the increase in showing requests, increase in new pending sales, increased closed sales with condos up 12% over last month and Single Family having the most closed sales since June 2022. Plus Dollar Volume was up, for both condos and single family, an impressive 23.6% and 19% respectively from last month.
Values are solid with condos flat for May and April and up 3.7% from March (Y-o–Y), and single family up 7.8% from last May.
Inventories have increased but are still low. Six to nine months’ of supply is recognized as a balanced market. Currently there is a 3.3 month supply for single family and 5.1 months for condos. Both are up 50% and 104% respectively Y-o-Y, although with continued strong demand, we are still in a seller’s market.
Buyers know that the Miami market is not crashing and with only 1% of all closes sales distressed (foreclosures/short sales) it certainly is not a distressed market. We still need more inventory but we do have the great weather, culture, restaurants, night life, business climate and tax advantages. If you’ve considered selling, call us!
