Miami’s Latest Real Estate Report (Summer 2020)September 14, 2020
|The WiseCat has been studying Miami’s real estate sales trends over the past 24 months, and have been curious about the effect of the coronavirus in this market. I was actually quite surprised with what I found. Other than some pauses when we started to lock down, prices remained stable and the buying continues. It never really stopped. Amazing!|
Today, we’re more than halfway through the year; and while 2020 has been anything but normal, summertime is still in full swing and the real estate market continues to be hot! No doubt, this really is a great time to be a Buyer, with deals around every corner. You can see some of the biggest price drops on our website.
The data (below) is only complete with some guidance from a professional Broker. For a custom-made Market Report for exactly what you are considering to purchase, please call me on +1-305-523-923.
As for a preview to Q3 2020, this was one of our busiest summers! Single-Family Houses were flying! Condos on the Beach were in demand; and Luxury Rentals were (almost) impossible to find. Some savvy buyers offered a “Lease To Own” in order to snag a trophy property.
Today, we are looking forward to our Post-Summer sales season. September and October, historically, is when Buyers are able to lock down great deals!
ADVICE TO ALL: If you are considering purchasing a property in the near future (or even next year) we highly recommend you fine-tune your search criteria today with WiseCat Realtors and let us help you identify the best properties available today.
This will allow you to size up the market and closely monitor on- and off-market inventory… so, when you are ready, The WiseCat will be ready to reserve that special property for you!
|Miami Beach Residential Market Q2, 2020 Highlights:|
|• Condo price trend indicator moved higher as the number of sales dropped|
• Single-family price trend continued to decline with sales and inventory
• Luxury condo price trend indicators increased as inventory slightly gained.
• Median sales price rose 10.3% to $480,000
• Average price per square foot increased by 6.1% to $659
• Number of sales dropped 34.9% to 501
• Listing inventory decreased by 0.5%
• Median sales price increased by 11.6% to $2,850,000
• Average price per square foot rose 4.8% to $1,231
• Number of sales fell 37.7% to 43
• Listing inventory slipped 3.0% to 1,095 units
• Median sales price decreased by 22.6% to $7,200,000
• Average price per square foot jumped 17.2% to $1,388
• Number of sales had no change at 9
• Listing inventory increased by 25.4% to 173 units
|MIAMI BEACH (Sub-Market) Q2, 2020 Highlights|
▪ Mid Beach + North Beach: Most Affected by Sales Slowdown, reports biggest percentage (67.9%) drop in Year-over-Year Sales
▪ 12-Month Trend: Flat for South Beach only
▪ South Beach: Highest Percentage Decrease (15%) in Price/SF
• Fisher Island and South of Fifth Luxury properties weather pandemic-related slowdown the best with a 25% and 26% dip in Year-over-Year Sales, respectively.
• Fisher Island: The most expensive neighborhood in all of Miami, priced at $1,101/sq. ft. (overtaking Surfside & Bal Harbour/Bay Harbor Islands from Q1, 2020)
• Fisher Island: Highest Percentage Increase (34.8%) in Price/SF
• Fisher Island: Highest Percentage Decrease (37.7%) in Days on Market
|SURFSIDE, BAL HARBOUR + BAY HARBOR ISLANDS|
|BAY HARBOR ISLANDS, BAL HARBOUR, SURFSIDE HOMES + CONDOS|
▪ Bal Harbour + Bay Harbor Islands: Highest Median Sales Price of $2.4 million in all of Miami, just behind the perpetually high-priced Fisher Island ($4.9 million)
▪ Surfside & Bal Harbour post the highest percentage increase (13%) for Days on Market.
▪ Surfside and Bay Harbor Islands/Bal Harbour report Lowest Inventory Levels in Miami & The beaches (Seller’s Market forecasted to resume in Q1, 2021)
|▪ Sunny Isles Beach post highest inventory levels (4.5 Years to absorb)|
|Coral Gables Single-Family (Q2, Year-Over-Year)|
• + 0.5% Prices Median Sales Price
• – 18.3% Sales Closed Sales
• – 23.5% Inventory Total Inventory + 24 days
• +24 Days – Marketing Time (Days On Market)
Luxury Condo (Q2, Year-Over-Year)
• – 6.2% Prices Median Sales Price
• – 61.4% Sales Closed Sales
• – 19.5% Inventory Total Inventory
• – 27days – Marketing Time (Days On Market)
• Condo sales fell sharply year over year during the market shutdown
• Condo price trend indicators showed mixed results during the market shutdown
• Single-Family price trend indicators showed mixed results during the market shutdown
• Single Family listing inventory continued to show significant declines from the prior-year quarter
• Median Sales Price +5.7% Y-o-Y for Single Family Houses
• Listing Inventory -34.4% Y-o-Y for Single Family Houses
▪ Sales Declined 78.1% Year-over-Year
▪ Price/SF: Flat Year-over-Year, -13% Quarter-over-Quarter
▪ Median Sales Price: +2.3% Year-over-Year
▪ Days on Market: +361% Year-over-Year
▪ Inventory Increased to second-highest in Miami
▪ Sales Activity: Maximum Stability (-25% drop Year-over-Year)
▪ 12-Month Trend: Slightly Negative in Q2, 2020
▪ Price per SF: +18.4% Year-over-Year (highest growth in Miami)
▪ Median Sales Price: +7.7% Year-over-Year
▪ Days on Market: -11.8% Year-over-Year
▪ Inventory: Highest in Miami
▪ Sales Activity: -67.5% Year-over-Year due to global health crisis
▪ 12-Month Trendline: Negative from Q1, 2020 to Q2, 2020
▪ Price per SF: Flat Year-over-Year, -10% Quarter-to-Quarter
▪ Median Sales Price: +8.7% Year-over-Year
▪ Days on Market: +139.5% Year-over-Year
▪ Inventory: Increased to highest level since March 2019