Miami Real Estate Report, September 2022 Statistics
KEY NUMBERS (Compared to September 2021)
- Number of Condo Sales Down 26.9%
- Number of Single Family Sales Down 30%
- Median Condo Price – Up 19.7%
- Median Single Family Price Up 17.1%
- Inventory (Active Listings)
- Condos Down 20.5%
- SFH Up 32.3%
Strong demand continues for both Condos and Single Family. Median days on the market for Condos were 28, down 20% from last September and 24 days for Single Family, and fetching 97.2% and 96.6% respectively of the asking price. Median prices were up 19.7% Y-o-Y and 66% from last month for condos and 17.1% Y-o-Y for Single Family and 3% from last month. All these numbers are indicative of strong demand but the issue lies in the very low supply causing Closed Sales do drop 26.9% for condos and 30% for single family (Y-o-Y). New Pending sales and current pending inventory are both down considerably. Currently there are 6399 condos on the market down 20.5% from last September and down 58% from pre-pandemic September 2019 when there were 15,142 on the market. Single Family had similar numbers (for all the details, click on the links below). Both Condos and Single Family have a 3.5 month supply of inventory meaning that if no new listing came on the market, all the inventory would sell out in 3.5 months. A balanced market should have between 6 and 9 months.
Consensus in the industry is that Miami is not overvalued and prices will hold. On November 20 the October report will be out. Until then….
