Q1 2023 Market Analysis: Miami Beaches Real Estate
Miami Beaches and Miami Coastal Mainland Real Estate Market Analysis: Q1 2023 Report
Introduction to Q1 2023 Market Analysis:
The Miami Beaches and Miami Coastal Mainland real estate market witnessed significant changes in the first quarter of 2023. This analysis provides an overview of key trends, sales volume, pricing, inventory, property types, price per square foot, and neighborhood performance.
Sales Volume and Pricing:
During Q1 2023, the Miami Beaches market experienced a decline in sales volume, with a 50% decrease compared to the same period last year. Both condo/co-op/townhouse and single-family residence sales were affected, experiencing a decline of over 40%. However, despite the decrease in sales volume, pricing factors remained positive. Median sales prices for condo/co-op/townhouse and single-family residences increased by 9% and 14% respectively, compared to the previous year.
Inventory and Property Types:
Following three consecutive quarters of inventory growth, the overall inventory remained flat in Q1 2023 compared to the previous quarter. However, listed inventory showed an increase when compared to the same period last year, with 2,780 properties available for sale. Condo/co-op/townhouse sales witnessed a significant decline of 50% compared to Q1 2022, while single-family home sales decreased by 51% year-over-year.
Price per Square Foot:
The average price per square foot for condo/co-op/townhouse properties in Miami Beaches increased by 7% year-over-year, reaching $975. This increase was primarily driven by high-end waterfront condominium sales in sought-after areas such as Sunny Isles Beach and Fisher Island.
The report provides a detailed breakdown of the market performance in various neighborhoods within Miami Beaches, including Sunny Isles Beach, Bal Harbour, Surfside, Bay Harbor Islands, North Beach, South Beach, Mid-Beach, South Beach Islands, South of Fifth, Key Biscayne, and Fisher Island. Each neighborhood exhibited different price trends and experienced varying percentage changes in sales volume, adding diversity to the overall market dynamics.
The Q1 2023 report indicates a decline in sales volume but positive pricing factors in the Miami Beaches and Miami Coastal Mainland real estate market. The inventory remained stable, and the price per square foot for condo/co-op/townhouse properties witnessed an increase. It’s important to refer to the complete report for a comprehensive analysis of the market, including detailed neighborhood-specific data.
To stay informed about the latest real estate trends and developments in Miami Beaches, check out the Corcoran full report.