Data Source: SEF MLS, April 14, ,2019
Let’s start from the bottom of the table and look at inventory levels first. To calculate this number I am using number of sales in the last 365 days, dividing it by 12 to derive at average monthly sales velocity. Then I take an available inventory and divide it by average monthly sales velocity to derive at number of months it would take to fully deplete it at constant rate. Inventory increases of over 2 months (compared to inventory levels 6 months ago) were observed in Coral Gables, Miami Shores, Coconut Grove, and Upper East Side. Smallest inventory increases took place in East Kendall, Pinecrest, and Key Biscayne. The sole exception is Palmetto Bay which posted a slight decline in inventory level from 6 months but it has been increasing in the last 3 months.
The largest increases in median sale prices compared to T3 a year ago have been calculated in Coconut Grove (24.9%), followed by Key Biscayne (11.9%), and Miami Beach (10.8%). Miami Shores and Coral Gables posted largest decreases with 6.5% and 6.2%.
