Miami-Dade: Ready for High Season?

November 18, 2022
Miami-Dade: Ready for High Season?

For those motivated buyers that are still out there, October was a fantastic month to buy. Here are some quick stats in Miami-Dade:

  • October saw 5.3 months of inventory (a balanced market is considered 6 months). This compares to 3.3 months of inventory in October of last year. 
  • Prices were down slightly from peak, with Avg. Closed Sale at $788K and Avg. $ / Sq Ft at $506. This represents a 20% and 22% year-over-year increase, respectively. 
  • Just 3.6K new listings hit the market in October, the fewest since December of 2021, and fewer even than we saw in the summer slowdown.  
  • Despite the slower pace of new listings, active inventory continues to rise (10.7K active listings in Miami-Dade), and has risen sequentially every month since March.

What does this mean?

As you head into high season, preparing your clients with a realistic view of the market today will be key to getting them to the closing table successfully. 

For sellers: prices are still much higher than they were two years ago, but it’s important to temper expectations with list prices grounded in reality. For sellers who want to move, but don’t want today’s interest rates - check ahead of time with a mortgage expert who can provide options and solutions upfront. 

For buyers: it’s tipping towards a buyer’s market. Concerns around affordability and mortgage prices persist, but pricing is below this spring’s peak, and there’s more inventory (and more negotiating leverage) available today.

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