Miami Beach Real Estate Trends and Market Update | Q3 2022

Miami Beach Real Estate Trends for Q3 2022

What are the latest Miami Beach real estate trends? In our report dated October 2022 we are taking a closer look at the inventory. Compared to the condominium landscape, we observe a much more solid market. Across the different price ranges, the supply of single-family homes has seen a moderate increase with 30% more properties for sale since the previous 90 days.

It’s important to put these numbers into perspective by comparing them with the current condo market in Miami, which is experiencing a much more drastic increase in inventory. Sales have slowed down by 50% compared to the same previous three months, which is in line with the seasonality of the Miami Beach market. Compare the Miami Beach market with the other single-family home markets here.

Miami Beach Real Estate Trends & Market Update | Q3 2022. The latest market changes and trends explained

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.


These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!


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David Siddons

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