While the market in the third quarter of 2023 has slowed a bit, 物价持续上涨, according to the Douglas Elliman Market Reports that are compiled quarterly by consulting group Miller Samuel.
其中一些变化是可以预料的, as the end of the summer (the third quarter) is historically the slowest time of year for Miami real estate. 孩子们开始回学校了, we are still in the midst of the balmy ending of hurricane season and high season doesn’t start until the temperatures begin to drop in early October.
Other aspects of the change are specific to the post-pandemic market conditions. We are still seeing low inventory due to the droves of northerners flocking to the sunshine state in effort to hide from cold temperatures and high taxes. Additionally, mortgage rates are still quite high, which slows things down a bit.
The Fed’s pause on rate increases has helped to garner additional traffic in the marketplace from those who are looking to leverage their purchases, but we do not expect to see any decreases to the interest rates for at least a few more quarters. Despite these rates, the demand and lack of inventory continues to push prices northward.
Douglas Elliman Market Report Miami Costal Mainland Single Family Sales 2023 Q3
在单户住宅市场, 存货减少17%至1,839 listings by the end of the third quarter, 销售额也下降了5%，至1%,600年关闭. The average sale price held relatively steady at $786,443, 这比749美元略高,347，从2022年第三季度开始.
只有4个.5个月的供应量, we are still firmly in a seller’s market even though inventory is up just a titch.
Douglas Elliman Market Report Miami Costal Mainland Condo Q3 2023
公寓转售也有所下降. The sales volume fell 16% to 1,861 transactions at a median price of $440,000. The median price from this time last year was $408,250 which represents an 8% difference. With an increased marketing time of 65 days on market, we are currently sitting with 5.4个月的供应量. This is closer to a balanced market and undoubtedly if you factor in the developer inventory, 365app将处于一个平衡的市场.
These figures are representative of the macro area along the Coastal Mainland Miami, which includes everything from the Upper Eastside all the way down to 佛州 including Edgewater, 设计区, 迈阿密市中心, 迈阿密市区, Brickell温泉, 迈阿密河地区, 椰子林区, 科勒尔盖布尔斯, 比斯坎湾和松克莱斯特/南迈阿密.
If you would like to see the individual matrixes for your area, you may find it in the full market report below.
Download the Q3 2023 Douglas Elliman Market Report in its entirety here.
Something important to make note of with the market reports is that they measure only those deals that are entered into the MLS (Multiple Listing Service). This excludes off-market transactions and most developer sales as developers rarely keep up-to-date listings of their inventory in the MLS.
If you need or want to move in the Miami area, or if you are searching for a real estate investment, 请联系Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman, 讨论资格预审要求. You may reach Michael directly at (786) 566-1700 or via email at michael@0662hao.com.
