Q2-2023
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
+ 4.3%
$250K
Condo & Single Family
Prices
450 2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Median Sales Price
+ 4.3 mos Pace
Months of Supply
- 43.6% Sales
Closed Sales
+ 19.2%
Inventory
Total Inventory
+ 3 days
Miami Beach/Barrier Islands Matrix Average Sales Price Average Price Per Sq Ft Median Sales Price Number of Sales (Closed)
Q2-2023
%∆ (qtr)
Q1-2023
%∆ (yr)
Q2-2022
$1,499,272
-6.6%
$1,605,723
-5.5%
$1,585,816
$1,046
-0.9%
$1,055
-3.4%
$1,083
$610,000
1.7%
$600,000
4.3%
$585,000
1,043
11.9%
932
-43.6%
1,849
Median Sales(From PriceLast List Miami Days on Market Date) Beach/Barrier 90 Islands -1.1%Single-Family 91 $3.8M Listing Discount (From Last List Price)
4.3%
Listing Inventory $3.2M
2,817
Months of Supply $2.6M Year-to-Date $2.0M Average $1.4M Sales Price (YTD) Average Price per Sq Ft (YTD) $800K 2015 Median2013 Sales2014 Price (YTD) Number of Sales (YTD)
2016
Number of Sales 87 3.4% 300 0.8%
6.9% -2.0%
2,874
19.2%
2,363 240
8.1
-12.9%
9.3
113.2%
3.8 180
Q2-2023
%∆ (qtr)
Q1-2023
%∆ (yr)
Q2-2022 120
$1,549,506
N/A
N/A
-0.1%
$1,551,530 60
N/A
1.7%
$1,032 0
N/A2021
2022 0.2%
2023 $599,000
-47.4%
3,756
$1,050
N/A
2017 $600,0002018
2019 N/A
1,975
N/A
2020
N/A
Marketing Time Days on Market
+ 3.5%
Negotiability Listing Discount
• Median sales price rose
year over year and was more than fifty percent above pre-pandemic levels
• Sales declined annually
The median sales price of the single family 52.9% above pre-pandemic levels. Condo market declined 17.5% from the prior-year sales fell 44.3% annually to 947 units, as record to $2,887,500, the third-highest on condo listing inventory rose 19.3% from the Median Sales Price Number of Sales Beach/Barrierprior-year Islands Condo record, 69.9% higher thanMiami pre-pandemic quarter but was 34.7% below levels. pre-pandemic levels. The condo luxury $550K Single family sales fell 35.6% annually 2,300 to 96 due to chronically low listing inventory market, representing the top ten percent of $490K and mortgage rate spike over the past year. all condo sales, started at $2,500,000 1,900 as all Listing price trend indicators slipped from the 1,500 prior$430K inventory for single families rose by 18.6% to 350. Bidding war market share was year quarter. The median condo luxury price 1,100 $370K 6.3% of single family closings, down from the was down 14.9% from the pre-year record 700 $310K record 21.5% last year. The condo market to $4,000,000, 56.9% above pre-pandemic showed mixed year over year price trends, levels. 300 $250K with median sales price 2013 2014 2015 up 1.9% 2016 to $535,000, 2017 2018 2019 2020 2021 2022 2023
for the fifth straight quarter
• Listing inventory expanded year over year for the third consecutive quarter
Prepared by Miller Samuel Real Estate Appraisers & Consultants