Is there a Slowdown in the Real Estate Market in South Beach?
The 2nd Quarter of 2025 for the real estate market is in the books and today we are looking at single family homes in South Beach, in Miami Beach. We divided the single family homes into Waterfront and Non-Waterfront as there is a huge disparity in their #'s and we wanted to highlight that for you.
You will see the Waterfront #'s are in light blue. These are the numbers month by month for the 2nd Quarter. Right off the bat one thing that stands out is that for the month of April there were Zero Closed Sales, that's tough. First time we see this. Actives increased from April to June, Closed Sales Decreased, Months of Supply and Days on Market about the same while Price/Sqft and Median Price is tough to say since we feel we just didn't have enough Closed Sales to truly give us an indication as to prices and where they are going.
Let's now take a look at our next graph to compare this 2nd Quarter to the 1st Quarter to see if we can spot any trends... Actives... are down considerably but so are Sales. Months of Supply and Days on Market both Increased. While Price/Sqft increased and Median Price Sold increased for Non-Waterfront homes but decreased for Waterfront homes. So comparing Quarter to Quarter we are getting some mixed signals here for the South Beach homes.
Let's take a look at our last graph to see where the market stands and what price range do we find most of the activity. Active Listings = 57 which is very low, adding to that... there are more Waterfront Homes Listed for sale than non-waterfront. 34 vs 23... while more than half of them, 21 are priced at $20,000,000 and up while 12 are priced at $10-20 Million. Truly unbelievable numbers. Non-waterfront is spread between $1.0 - $10 Million with zero homes under $1 Million and with only 23 homes on dry lots listed for sale in South Beach, it doesn't look good for Buyers and doesn't give them many options. Even more so if your budget is up to $5 Million you truly only have 14 homes to look through. Closed Sales = 8 Sales. Of those there were only 2 Closed Sales above $10-Million while there are currently 34 Listings For Sale. We will highlight...
The Highest Priced Closed Sale was a waterfront home on the Venetian Isles which sold for $46-Million or $4,742 and wasa 6 Bedroom New Construction home in June while the least expensive home sold was a 3 bedroom non-waterfront home on the Venetian Isles also for $3,250,000. Well, that covers the data lets now jump into our Market Summary. In summary while the single family homes market in South Beach started the year strong we are seeing signs of a slowing market. Active Listings, while they started the year higher have decreased and Closed Sales are down considerably which is weighing on the Months of Supply and Days on Market.
All the key indicators are pointing to a slowdown which we noticed and highlighted in our 1st Quarter Market report and stated that sales in the coming months would be negatively impacted and we were right as the data shows. And now that we are in the midst of Summer which is typically a slower selling season as families are more focused on their summer travel plans, we are just have to going to see how it all plays out. But it does not look good for the market in South Beach, we are going to have to really keep track of this, so stay tuned. For Buyers, we suggest given the low levels of inventory if you do find a home you like make an offer right away. It's crazy to see that there is more inventory over $5 Million Dollars than there is below $5 Million.
If you are a Seller in this market you do have the advantage that inventory is low for single family homes in South Beach just be very aware with your pricing and we would suggest to price your home a bit below the market just to attract the most attention possible when coming on the market. With all the uncertainty in the market right now and in the world right now you don't want to sit on the market especially if you need to sell. Well, that's our 2nd Quarter for 2025 Market Update for single family homes in South Beach.
I am Jose Laya, and I was born and raised in Miami, and as I start my 19th year in the real estate market I can proudly say that Our goal in making these videos is to provide you with value and help as many people as we can by sharing with you real market data to give you a better insight into the local market.
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Thank you for watching and we will see you soon.