Miami Real Estate Report, October 2023 Statistics
KEY NUMBERS (Compared to October 2022)
- Number of Condo Sales Down 7%
- Number of Single Family Sales Down 1.5%
- Median Condo Price –
- Up 4.2% & 5.4% YTD
- Median SFH Price Up 7.5% & 8.7% YTD
- Inventory
- Condos Up 9%
- SFH Down 14.3%
- Days On Market
- Condos 33 Days
- SFH 26 Days
- Pending Inventory
- Condos Down 15.2%
- SFH Down 2.8%
Months Supply
- Condos 6.3 months
- SFH 4 months
In Miami-Dade County, there were 871 closed Single family sales and 1100 closed condos sales in October. Those numbers are very similar to the pre-pandemic months in 2020. As we’re all aware, the pandemic was the cause of a major influx to our area. For example, in May 2020 – the lowest point in the pandemic – there were 563 closed condo sales. Then we had highs of 2500 closed sales a month in 2021 and 2022. Single family had similar numbers but not quite the spread. Condo median prices hit a low of $260,000 in May 2020 (keeping in mind that the pandemic became official in March of 2020) 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. There were some minor dips in the following months and then it returned to $415,000 again in May 2023 then hit a high of $420,000 in July and now at $410,000 (Click on links below to see graphs).
The market is seeing increased inventory and listings that are priced well are selling with median days on the market at 33 for condos and 26 for single family.
Distress sales for single family homes and condo, were just 1.1% of the total sales. We are not in or going into a distressed market.
If you’ve considered selling, please contact us.
