Q1-2023
Report
Miami Beach/ Barrier Islands, FL Sales
Miami Beach/Barrier Islands
Median Sales Price
Number of Sales
$750K
2,450
$650K
2,050
$550K
1,650
Dashboard
$450K
1,250
YEAR-OVER-YEAR
$350K
850
= 0.0%
$250K
Condo & Single Family
Prices
450 2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Median Sales Price
+ 6.0 mos Pace
Months of Supply
- 51.1% Sales
Closed Sales
+ 35.2%
Inventory
Total Inventory
- 11 days
Miami Beach/Barrier Islands Matrix Average Sales Price Average Price Per Sq Ft Median Sales Price
Q1-2023
%∆ (qtr)
Q4-2022
%∆ (yr)
Q1-2022
$1,605,723
18.0%
$1,361,224
5.8%
$1,518,287
$1,055
5.0%
$1,005
7.2%
$984
$600,000
17.6%
$510,000
0.0%
$600,000
932
10.7%
842
-51.1%
1,907
Number of Sales (Closed)
Median Sales(From PriceLast List Miami Days on Market Date) Beach/Barrier 91 Islands 16.7%Single-Family 78 $3.8M Listing Discount (From Last List Price)
6.9%
Listing Inventory $3.2M
2,874
Months of Supply $2.6M Year-to-Date $2.0M Average $1.4M Sales Price (YTD) Average Price per Sq Ft (YTD) $800K 2014 (YTD) 2015 Median2013 Sales Price
2016
Number of Sales102 -10.8% 300 3.9%
7.1% -3.5%
2,978
35.2%
2,125 240
9.3
-12.3%
10.6
181.8%
3.3 180
Q1-2023
%∆ (qtr)
Q4-2022
%∆ (yr)
Q1-2022 120
$1,605,723
N/A
N/A
5.8%
$1,518,287 60
N/A
7.2%
$984 0 2023 $600,000
$1,055
N/A
2017 2018 $600,000
2019 N/A
932
N/A
Number of Sales (YTD)
2020N/A 2021 0.0% 2022
N/A
-51.1%
1,907
Marketing Time Days on Market
+ 3.0%
Negotiability Listing Discount
• Price trend indicators did
not show an annual decline this quarter
• The number of sales continued to fall sharply year over year and remained higher than pre-pandemic levels
The median sales price of the single market saw rising annual trends, with median family market rose 3.7% year over year to sales price up 2.2% yearly to $548,000, up $2,800,000, the third-highest on record and 54.1% above pre-pandemic levels. Condo Median Sales as Miami Beach/Barrier Islands 75% higherSales thanPrice pre-pandemic levels. Single sales fell Condo 50.7% annuallyNumber to 860ofunits, family condo listing inventory rose 32.6% from2,300 year$550K sales declined 55.3% annually to 72 due to a lack of listing inventory and higher ago record lows. The condo luxury market, $490K 1,900 mortgage rates. Listing inventory for single representing the top ten percent of all condo families sales, started at $2,800,000 and showed 1,500 $430K expanded annually from year-ago lows to 364. Single family market share for significant yearly price gains. The median 1,100 $370K bidding wars was 2.8% of all first-quarter condo luxury price rose 2.2% annually to $310K closings, down from the near-record high of $4,650,000, a record high, 82.1% above700 pre12.4% in the same period last year. The condo pandemic levels. 300 $250K 2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
• Listing inventory expanded
annually but was significantly below pre-pandemic levels
Prepared by Miller Samuel Real Estate Appraisers & Consultants
2023