Under the Hood of Miami's Housing Market in June 2022 vs. June 2023

Miami's real estate market has experienced noteworthy shifts between June 2022 and June 2023, particularly in the markets for single-family homes and townhomes & condos. This article provides an in-depth analysis of the changes that have occurred over this period, revealing trends and notable dynamics in the city's real estate landscape.

Miami's Single-Family Homes Market

A comparison of data from June 2022 and June 2023 indicates a contraction in the single-family homes market in Miami. The number of closed sales dropped by 11.9%, from 1,139 in June 2022 to 1,004 in June 2023. Similarly, the proportion of transactions paid in cash decreased by 11.9%, from 30.2% to 26.6%.

The median sale price, however, saw a year-over-year increase of 7.5%, rising from $579,000 in June 2022 to $622,500 in June 2023. However, the total dollar volume of sales experienced a downturn, falling by 13.6% from $1,200,985,519 in June 2022 to $1,038,246,440 in June 2023.

Sellers received slightly less than the original list price in June 2023, with the percentage of original list price received decreasing by 3% to 97%. There was also an increase in the median time to contract and sale, which jumped by 80.0% and 18.3% respectively.

Despite a drop in active inventory by 14.9%, the months supply of inventory increased by 17.9%, reflecting a slowdown in sales relative to available properties.

Miami's Townhomes and Condos Market

In the townhomes and condos market, there was a substantial decrease in closed sales, which fell by 22.4% year over year. The proportion of transactions paid in cash, however, increased by 5.6%, rising from 52.8% in June 2022 to 56.0% in June 2023.

The median sale price observed a modest increase of 2.0%, from $410,000 in June 2022 to $418,000 in June 2023. In contrast, the total dollar volume of sales decreased by a sizable 25.3% from June 2022 to June 2023.

Similar to the single-family homes market, sellers in this market received less than the original list price, with the percentage of the original list price received falling by 4%. There was also an increase in the median time to contract and sale, up by 45.5% and 14.9% respectively.

The active inventory for townhomes and condos in Miami increased by 5.1% year over year. More notably, the months supply of inventory showed a significant leap of 72.4%, suggesting a slower sales pace in comparison to the number of available properties.

What does it all mean?

The real estate market in Miami has demonstrated contrasting trends between June 2022 and June 2023, with the market for single-family homes and townhomes & condos exhibiting different responses. While prices have increased across the board, sales volumes have seen a decline, and the sales process has slowed. The implications of these trends for prospective buyers and sellers, as well as real estate professionals, will depend on various factors including individual circumstances and broader economic conditions. As such, you should continue to monitor these developments closely.

Stay updated with the latest trends in the Real Estate Market by subscribing to our weekly newsletter. Click Here to subscribe now!

Contact Information:

Email - info@bryangorrita.com

Instagram - @bryangorrita

Tiktok - @bryangorrita