Miami Real Estate Report, September 2023 Statistics
KEY NUMBERS (Compared to September 2022)
- Number of Condo Sales Down 16.7%
- Number of Single Family Sales Up 2.9%
- Median Condo Price
- Up 5.1% & 5.1% YTD
- Median SFH Price Up 5.6% & 9.1% YTD
- Inventory
- Condos Up 4.5%
- SFH Down 15.2%
- Days On Market
- Condos 30 Days
- SFH 21 Days
- Pending Inventory
- Condos Down 11.7%
- SFH Down 13.5%
Months Supply
- Condos 5.8 months
- SFH 3.8 months
Condo sales are down 16.7% compared to September 2022. Going back another year, down another 10.3%. But we’re close to the same number of closed sales in late 2019 and pre-pandemic 2020. The loosening of COVID restrictions, Tax Reform limiting $10k in SALT deductions, Florida having no state income tax, the brave new world of working remotely and our fantastic weather, beaches, nightlife, culture and culinary delights, created a phenomenon in Florida like never seen before. From a low of 563 sales a month to peaks of over 2500 – a 440% increase – and from a median price in May 2020 of $260,000 to the current median of $415,000 – a 59.6% increase – it’s easy to recognize the profound impact this had on our market. In May of 2022 the median price, coincidentally peaked at $415,000 and then a much needed leveling off came into play with several months of minor reductions of the median until returning to $415k again in May 2023.
Closed Single Family Home sales are up 2.9% over one year ago but down 17.1% YTD. The peak month was April 2021. Since then, there’s been a gradual decline with some ups and down along the way. Pre-pandemic May 2020 had a Median Price of $375,714 and now at $600k … that’s a 60% increase. It is down $20k from last month, $31,670 from July, $22,500 from June and $20k from May. Here too we see a much needed leveling of prices.
Distressed sales for both Condos and Single Family were just 1.2% of all closed sales. We are not in a distressed market. If you’ve considered selling, please contact us!
