Data Source: SEF MLS, May 27, ,2019
Most notable decreases in the last 90-day sold prices have been observed in Sunny Isles and Key Biscayne. While the last 3 months of 2018 the median sold price in Sunny Isles was well over $400,000, the current median sold price dropped to $350,000. The median sold price in Key Biscayne dropped 9.3% from from October to $680,000.
The overall pace of sold condominiums picked up across all neighborhoods with most posting the highest number of sales in since October of last year.
This translates to reduced inventory in all markets except Key Biscayne and Aventura where new listings exceeded the number of closed sales. The largest inventory decrease took place downtown Miami where the inventory level currently stands at 18.4 months from previous 22.0 months.