South Miami Real Estate Market Trends
An Update on the South Miami Real Estate Market
The 90-Day South Miami Real estate Update for September 2022. This blog article will be updated every 90 days with new stats in order to observe the market trends in a simplified way. You will be able to observe what is currently happening in the market as well as what happened in the last few months. This is a very efficient way to stay on top of the markets you are interested in. Stay tuned!
Rising Inventory levels
There has been a significant shift in the overall Miami real estate market in the last three months and the market in South Miami is no different. The main change has been inventory. We have seen the months of housing supply go from 1.6 months to nearly five in the South Miami area, representing over a 200% increase. The velocity of sales has slowed down as reflected in the absorption rate. The absorption rate fell from 8.7 to 6.7. Also, the average number of days on-market has nearly doubled in the last three months. Sellers went from selling their homes at 100.98% of their asking price to 93.58% in just six months.
What to Expect from the South Miami Market in the next months?
We can expect inventory to start accumulating due to a slower absorption rate, creating a vulnerable position for some home sellers, especially those who own older homes or needing renovation. The Median sale price is still trending upward from $1,550,000 to $2,150,000 over the last 6 months from the help of new luxury homes that have sold at record prices. Will prices start to come down? I think so… How much and how soon? Who knows, but one thing is for sure; when inventory increases prices come down. We will continue to update you. See you again in thirty days!
South Miami Statistics and Specific Sales
The South Miami statistics page for this neighborhood will reveal the specific sales from the last 90 days. Registered site users can go back further than 90 days. Browse the sales, and observe what is transacting at the highest price per sqft and why. For a granular analysis of a property you are interested in selling (or buying), please call me, and we can plug your subject property into the stack to see how it compares.
