Data Source: SEF MLS, September 9, 2019
Number of active single family listings decreased on all surveyed neighborhoods by an average of 10.6% with a sole exception of Key Biscayne where the active listings number increased by 5.2%.
Most notable changes in median sale price in the last 90 days took place in Miami Shores, Pinecrest, and Coconut Grove where the prices increased 21.0%, 11.2%, and 10.3% consecutively, and Key Biscayne where the median price dropped by 17.2%.
While we compare the trailing 3 month median sales data (June through August) to the same period in the previous year, resulting difference is not necessarily indicative of ongoing trends in any particular neighborhood. If, on the other hand, these trends occur on repetitive basis plus are further supported by a drop in monthly sales, increased inventories, and lowered listing prices many of which have been for example taking place in Key Biscayne recently then this surely raises a red flag.
Inventory levels followed the same pattern as median sale prices by declining in all surveyed markets except Key Biscayne where it ballooned to 32.5 months. East Kendall and Palmetto Bay have currently the lowest inventory levels of 5.4 and 6.2 months.
Data Source: SEF MLS, September 9, 2019
