Data Source: SEF MLS, December 20-23, 2019
Biscayne Real Estate brings you the latest market data and trends for single-family homes throughout Miami.
Kendall, Miami Shores, and Coconut Grove have their inventories of unsold single-family homes at the lowest levels in the last 12 months. It would take merely 4.3 months to sell 153 active listings in Kendall, 6.4 months to sell 88 listings in Miami Shores, and 10.2 months to unload 169 listings in Coconut Grove. There is a different consensus on what constitutes buyers’ or sellers’ market but in our opinion, the range 8-12 months indicates the market-neutral field. Inventory short of 8-month supply indicates sellers’ market and over 12-month of homes supply points to a buyers’ market. The largest inventory increase has taken in place in Key Biscayne where 121 active single family listings would take 37.2 months to sell.
The largest increases in median sale price year-over-year have taken place in Miami Beach with 12.6%, followed by Upper East Side with 5.1%, and Palmetto Bay with 3.7%. Even more impressive is the trailing 3-month data (2019 over 2018) for Miami Beach: Median sale price is up 57.2% from $1,270,000 to $2,004,500 and average price per square foot 22.9% which grew from $704 to $865. This surge is due to the record number of high price sales in the last 3 months: of the 46 closed sales, 50% of them sold over $2M, 19.6% over $5M, and 10.9% over $10M.