Miami Beach Real Estate Trends and Market Update | Q3 2022

Miami Beach Real Estate Trends for Q3 2022

The market segment up to $5M is quite solid, showing months of inventory below the nine months threshold. This means the market is still defined as a seller’s market. The higher-end of the market ($5M+),  is experiencing a more dramatic shift, with only ten sales in the past ninety days. In the super-prime market over $10M, supply is growing to 44 months of inventory. These numbers describe mainly the waterfront market, where buyers certainly have multiple options to choose from. Currently sixty homes are available for sale between $10M and $170M.
Almost the same number of homes is available for sale between $2M and $5M, but this market is more dynamic and sees a higher number of sales.

The above is even more real when we compare it with the condo market slowdown that translates into much higher numbers of months of supply – namely 17 to 20 months of inventory in the same $3M to $5M price range.

Advice to Buyers

When looking for a property, please be aware that good quality properties are still desired and scarce. Inventory is going up, but not all markets or properties are equally affected. Use a good agent that can tell you whether the property is worth the asking price and what would be a fair market price.

Advice to Sellers

Our advice to sellers is that this is still the peak of a rewarding market. It might be time to showcase your property since the inventory is still in the seller’s favor. Not all markets are equally affected by increasing mortgage rates and inventory growth. Moreover, good-quality homes are still scarce. This market, however, is not the market of six months ago. The asking price used to be the floor of the negotiation, but today it is the ceiling. You will still be able to make a good profit, but if you want to sell please be aware we are not in the super hot market of Q1 2022 anymore.