Miami Real Estate Market Report (Q1 2019) – Turning The Corner!April 25, 2019
The research is in, and the reports have been released for the 1st quarter 2019 Miami Coastal Mainland and Miami Beach & Barrier Islands. Produced in conjunction with Miller Samuel to provide the most comprehensive and objective market insight available. These reports are recognized as the industry standard for providing the state of the residential real estate market, which includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information, and provide a comprehensive analysis of the results.
Miami Coastal Mainland Q1 2019 Sales Highlights
“Median sales price rose annually for the 18th consecutive quarter.”
- Median Sales Price edged 0.6% higher to $311,950 from the prior year quarter, but market pricing remained softer at the top.
- After 2 quarters of market-wide year-over-year sales gains, the number of sales declined by 7.5% to 3,104 (from the same period a year ago).
- Market-wide listing inventory expanded 6.9% to 12,247, the 4th consecutive annual increase. As a result, the pace of the market eased. The months of supply, defined as the number of months to sell all listing inventory at the current rate of sales, increased by 15.7% to 11.8 months over the same period.
Miami Beach & Barrier Islands Q1 2019 Sales Highlights
“Overall price trend indicators moved higher as listing inventory slipped.”
- Listing inventory slipped 0.3% year-over-year to 6,726, the 1st decline in 5 years. The overall trend in sales was choppy, falling 2% to 772 over the same period, the 2nd decline in 4 quarters.
- In the overall market, condo median sales price was unchanged from the year-ago quarter as single-family median sales price jumped 17.9% to $1,650,000.
- In the luxury market, representing the top 10% of all sales, condo median sales price increased 12.7% to $3,225,000 while single-family median sales price surged 60% to $10,100,000 respectively from the year-ago quarter. Luxury single-family price trends were skewed higher by a 71.4% surge in average sales size to 9,548 square feet.
For more details on every sector of our local real estate market, “Get Wise with WiseCat Realtors” and Call +1-305-523-9323 ….or +1-917-767-7000 via WhatsApp, FaceTime Audio, and Viber. We’re also available via Facebook Messenger and Skype