South Miami Is Still Climbing! | South Miami Q1 & Q2 2023 Market Summary

South Miami Q1 & Q2 2023 Market Summary. So half of 2023 has officially flown by and here’s how I see the market today. Firstly, we still remain at record lows for inventory in South Miami. Inventory is around 2 months so we are still ways away from a balanced market where you would typically find inventory anywhere from 6-8 months. We are now seeing all of the new construction products entering the market above $1,000 per SF with highs in the $1,200/1,300 per SF range which is a new standard. However, the majority of the inventory which is not new construction is trading in the 700-900 $ per SF range depending on location and specifics of the home. So we are seeing prices still going up but the volume of trading is a bit down due to interest rates.

We are seeing homes that are not new construction but are so well located that they are easily selling above the 1,000 per SF mark. Areas like High Pines, pockets east of US1 by Dante Fascell Park and 80th Street. These pockets are experiencing massive upswings in price and are now comparable in price to the major markets that are a bit more well-known to outside investors like Coral Gables and Coconut Grove.

South Miami is also seeing a boom west of US1 as land is a bit less expensive. So the major price increases east of US1 have inadvertently caused this shift of focus to the west part of US1. Many of these homes are not for sale or they have not sold yet but this side of the South Miami neighborhood is improving at an insane pace. Neighborhoods down the Sunset corridor that are close to the much appreciated and coveted “downtown” of South Miami may have washed away much of the historical anti of “west of US1” as we are seeing many high-level custom homes being built off Sunset Dr. on the west side of the Highway.

Advice for Buyers

No home is perfect but if you get an opportunity for something in High Pines or the pockets off 57th Ave strike fast. These homes will continue to rise and you can add on and or improve with time and gain equity perhaps even tear down and build at a later date as the location is A+. If you are a builder I would consider looking down the Sunset corridor and in the pockets west of US1 as land is getting way too expensive in High Pines/ 57th Ave – Consider looking just 10 just blocks west for a better buy and these areas still have much to appreciate.

South Miami is the best area in all of Miami that you can still buy into around 1m but don’t wait for long Somi is climbing!

• In the 3-5m you have more options in this area for newer construction and things tend to open up a bit more in comparison to other areas like Coconut Grove and Coral Gables where newer homes in this price range is hard to come by.
• In the $5m+ Range, several stunning homes in the area will not disappoint. Consider South Miami as a closer and more accessible Pinecrest – where there are already homes selling above 10m so why not South Miami?

Advice for Sellers

If you are a Seller in this area you most likely already know what’s been happening. I would just say that yes, things have slowed down a bit – which is what everyone likes to say however it is still a very strong market. Most Sellers today don’t want to trade in their sub 3% mortgages however if you can get a high enough price it may still be worth it. As we go into the more active selling season of the year I would expect the market to continue to pick up from the slower summer months. Being an owner/ seller today in this market is still a great place to be. As always call us to discuss your home and let’s get a conversation going. We are the Somi experts. We love it and we live it.

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