Data Source: SEF MLS, January 19-20, 2020
Active listings increased slightly in Miami Shores and Palmetto Bay from a month ago but a majority of surveyed markets have a significantly lower number of active listings compared to a year ago. Neighborhoods with largest active listings year-over-year reductions include Palmetto Bay (-11.6%), Miami Shores (-13.0%), Coconut Grove (-13.4%), Upper East Side (-15.0%), and Kendall (-15.1%).
Median Listing Price soared in Kendall to $749,000 from $650,000 a year ago followed by Upper East Side where the current median listing price is $1,059,500 versus $998,000 a year ago. On the opposite side of spectrum, the neighborhoods with largest drops in Median Listing Prices include Coral Gables ($1,599,000 from $1,699,000), Key Biscayne ($3,199,000 from $3,473,500), and Coconut Grove ($1,499,000 from $1,644,000).
When it comes to Median Sold Prices in the last 90 days, Miami Beach surged by 65.3% to $2,000,000 from $1,210,000. During this period October-December 2019 versus 2018, the Average Price per Square Foot also increased by 43.1% from $649 to $929.
Other markets boasting increases in Median Sold prices include Upper East Side with 7.1%, Miami Shores with 5.8%, and Palmetto Bay with 4.6%.
Year-over-year inventory levels comparison show a significant drop in Kendall (from 5.6 to 4.3 months), followed by Coconut Grove (from 12.3 to 9.5 months), and Upper East Side (from 12.2 to 10.3 months). In Key Biscayne on the other hand, this number spiraled from 23.2 to 37.2 months.