Data Source: SEF MLS, November 13-14, 2019
Table above presents updated data for single family homes throughout Miami neighborhoods.
East Kendall has the highest year-over-year increase in the median listing price of 15.3%. Coral Gables’ median listing price conversely dropped by 11.8% from November of last year. Although the listing prices themselves are of significantly lesser value indicator than selling prices since listing prices merely represent either seller’s or their agent’s hopeful or anticipated sale price of their property, they are still a part of comprehensive neighborhood picture.
As you can see in the table above, comparing the year-to-date median sale price of Miami single family homes in 2019 to the median sale price in 2018 depicts gains in the majority of the surveyed markets except for Coral Gables which dropped by 4.6% from $970,000 to $925,000. East Kendall and Coconut Grove posted rather insignificant drops of less than 1%. We calculated increases of between 4-5% for Upper East Side, Palmetto Bay, Pinecrest, and Key Biscayne.
Inventories have notably surged in two neighborhoods compared to a year ago. Pinecrest by 21.4% to 11.9 months which is still within a12-month norm but Key Biscayne by 17.8% to 32.5 months which is presently the highest level since we started compiling these reports.