Miami Real Estate Market Update - 2023 1st Quarter Closed Sales
I wanted to show you a year over year look at the 1st Quarter Closed Sales for this year, 2023 and compare it to 1st Quarter of 2022. This will give us a better indication of how the real estate market in Miami is doing. We wanted to focus on key segments of the Miami market and some of the more popular neighborhoods including Brickell, Downtown Miami, Coconut Grove, Coral Gables and Pinecrest.
We also wanted to give you a snapshot not only of single family homes, but also condos. Once you see both graphs you will notice that one theme is apparent... the number of Closed Sales is down considerably while Prices seem to be holding or even slightly increasing for the time period. We truly feel this has to do with the continued low levels of inventory as Demand is still far outpacing Supply.
The market continues to be a strong Seller's market and homes/condos priced well and in good condition sell fast. They may even receive multiple offers. However, the market is very sensitive to price, and the days of "sky-high" pricing are over.
If over priced the property will sit on the market not only for weeks, but months. We feel that for the next few months, at least, the market will continue the same, and we will see low levels of new listings. A lot of homeowners who either bought a home or refinanced their homes in the last few years while rates were around 3% are hesitant to list their homes for sale as once they sell they then become Buyers and interest rates today are hovering around 6-7%.
We believe, the only thing that will cause more supply/inventory for sale will be a large downside move in rates which we do not see happening for a while. Buyers... please do your homework and more importantly work with a professional that will be able to guide you through this market and help you achieve your goal.
It's challenging out there with such low levels of good inventory. Sellers... the market is still strong. Listen to your agent when coming up for a price for your home/condo to sell. If you price it correctly you will sell it in under 30 Days.
We look forward to keeping you updated on the Miami Real Estate Market. We are always available to help, and we hope we were able to provide some value.
Talk soon.