The South Miami Real Estate Report | Q1 & Q2 2022 with Forecast and Predictions for Q3 and Q4

Let’s compare newer construction homes that have been built in 2016 or later. There were 17 homes sold in the first half of 2021 and they sold for an average price of $3M or $620 a foot. Then in the first half of 2022 there were only 8 homes sold, but they sold for an average of $4.5M or $892 a foot, so much less sales however much higher prices for these newer built homes.

In the last month or we have seen the market slow down a bit as we are in the middle of summer. It is normal to see things slow down this time of year however coupled with increases in interest rates and high inflation we have seen homes take a bit longer to go under contract.

Instead of multiple offers within 48 hours like we have become used to seeing, some listings are starting to take a couple weeks or more to go under contract. Furthermore, we are now seeing price decreases on some listings that came to market too high.

Prices reached record prices in the first half of 2022 and this might have been “the peak” of the market before several outside forces have relaxed the state of the market now. Inventory is still very low and prices have not come down, but the rush has subsided a bit and signs of returning to a more normal market is on the horizon. There is however a new benchmark for the South Miami market and we don’t foresee it coming down. Anticipate a healthy, but more normal market for the remaining part of 2022.