Data Source: SEF MLS, December 27, 2019
As the year-end approaches, many unsold listings are expiring compressing the inventory levels. Most of the surveyed markets have their inventory levels lower compared to not only the last month but also a year ago. The sole exception is Aventura, where the inventory level increased by 3.0% to 20.4 months from the previous month which is 8.5% increase from a year ago.
Median Listing Price perked up Downtown Miami and Aventura by 4.6% and 2.5% compared to a year ago and sank in Key Biscayne by 6.5%, Edgewater by 4.5%, and Coconut Grove by 2.6%.
Coconut Grove’s Last 90-day Median Sale Price plummeted by astounding 29.2% compared to a year ago followed closely by Sunny Isles Beach with 19.3%. Please note that the aforementioned numbers compare the latest running 90-day data to the same period of the prior year versus the last row of the table where we evaluate data for the year-to-date 2019 and compare it 2018. The similar pattern can be observed on Average Price per Square Foot where Coconut Grove dropped by 12.9% from a year ago and Sunny Isles Beach by 9.7%.