Miami Real Estate Report, October 2022 Statistics
KEY NUMBERS (Compared to October 2021)
- Number of Condo Sales Down 34.9%
- Number of Single Family Sales Down 23.9%
- Median Condo Price – Up 18.9%
- Median Single Family Price Up 17.3%
- Inventory (Active Listings)
- Condos Down 13%
- SFH Up 41.9%
Median prices are still up Y-o-Y 18.9% for condos and 17.3% for single family but compared to last month we’re seeing a softening of price increases with condos having a 1.6% decrease and single family 1.2% increase. [Please excuse the type-o in last month’s report regarding the increase from the previous month for condos.] Listing inventory for single family is getting better with an increase of 41.9% Y-o-Y but is still down 36.7% from pre-pandemic October 2019. Single family closed sales are down 23.9% with high mortgage interest rates have more of an effect as there are less cash sales compared to condo – YTD 27.7% versus 51.2% for condos. Condo inventory is still very low down 13% Y-o-Y and down 56% from October 2019 which is the primary cause of the 34.9% decline in closed sales over last October, but it is only down 2.2% from October 2019. New pending sales are down considerably for both condos and single family. Consensus in the industry is that we will see a slowdown in price increases and a softening in sales but Greater Miami is not overvalued and prices will hold as there is still strong demand with limited inventory. For the full detailed reports, click on the links below. Next report will be out December 21st!
