Miami Real Estate Report, November 2023 Statistics
KEY NUMBERS (Compared to November 2022)
- Number of Condo Sales
- Down 12%
- Number of Single Family Sales
- Down 1.5%
- Median Condo Price –
- Up 6.3% & 5.1% YTD
- Median SFH Price
- Up 11.8% & 9.1% YTD
- Inventory
- Condos Up 12%
- SFH Down 10.1%
- Days On Market
- Condos 32 Days
- SFH 23 Days
- Pending Inventory
- Condos Down 10.4%
- SFH Down 0.8%
Months Supply
- Condos 6.3 months
- SFH 4 months
In Miami-Dade County, there were 707 closed Single family sales and 944 condos sales in November. Those numbers are similar to the pre-pandemic months in 2020. The lowest point in the pandemic – there were 563 closed condo sales which jumped to 2500 closed sales in a month in 2021 and 2022. Single family had similar numbers but not quite the spread. YTD Single Famil sales are down 14.9% with dollar volume down 14.4%. Condos are down 31% with volume down 30.7%. Condo median prices hit a low of $260,000 in May 2020, just after the start of the pandemic, and then peaked in May of 2022 at $415,000 – a 59.6% increase. That had to stop, and it did. Since then, the market has been relatively flat, although we saw a 10% dip in December 2022. At the current median price of $420,000, there’s only a 1.2% difference from May 2022. Single Family median price is up 11.8% since last November and up 9.1% YTD. The market is seeing increased inventory, and listings that are priced well are selling with median days on the market at 32 for condos and 23 for single family. Distressed sales for single family homes and condos, were just 0.1% of the total sales. We are not in or going into a distressed market. We are stabilizing and anticipate solid values and a gradual increase in sales in 2024. If you’ve onsidered selling, please contact us.
