The Big Boys Are Back In Town; Miami Beach Edition.

Miami Beach Homes - Trends above $1M

Wealthy CEOs and hedge-fund managers are flocking to Miami for the tax breaks, and it’s creating massive waiting lists at the area’s elite private schools. And while the big boys are back in town, the question arises, what will happen to single-family home values in the year ahead?

The Miami Beach residential home market now borders in favor of sellers with around an 8 month supply of homes. Here are the graphs for Miami Beach homes priced above $1M showing us a trends analysis over this last year. From the June 2020 escalation trend, we may assume Covid-19 lockdowns, global closures, and the “new norm” has many seeking an ideal environment and location to thrive with what we believe has South Florida in the forefront and so many eyes now on Miami. Currently and primarily a domestic buyer pool, once travel restriction eases, the International draw could place residential real estate values into overdrive, and yet as they say… time will tell.

Miami Beach Homes - Supply and Inventory above $1M
Home For Sale in November 2020: 278 units.
• Down 4.5% compared to last month
• Down 27.6% compared to last year

Home Closed in November 2020: 34 units.
• Up 17.2% compared to last month
• Up 183.3% compared to last year

Home Placed under Contract in November 2020: 43 units.
• Up 4.9% compared to last month
• Up 290.9% compared to last year
Miami Beach Homes - Average Price per Square Foot above $1M
Average Sold Price per Square Footage in November 2020: $1428
• Up 43.2% compared to last month
• Up 4.5% compared to last year
Miami Beach Homes - Median Sold and Pending Sales above $1M
November 2020 Median Sold Price is Appreciating*

Average Median Sold Price in November 2020: $3600
• Up 82.7% compared to last month
• Up 25.2% compared to last year

November 2020 Average For Sale Price is Neutral*

Average For Sale Price (in thousand) in November 2020: $5753
• Down 4.8% compared to last month
• Down 4.1% compared to last year

November 2020 Average Sold Price is Neutral*

Average Sold Price (in thousand) in November 2020: $5739
• Up 53.4% compared to last month
• Up 8.5% compared to last year
Miami Beach Homes - Average Days On Market above $1M
Average Days on Market in November 2020: 166
• Down 32.2% compared to last month
• Up 8.5% compared to last year

November 2020 Sold/List Price Ratio is Rising*

Sold/List Price % in November 2020: 92%
• Up 2.2% compared to last month
• Up 2.2% compared to last year
Miami Beach Homes - Months of Inventory above $1M
Months of Inventory based on Closed Sales in November 2020: 8.2
• Down 17.9% compared to last month
• Down 74.4% compared to last year

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About Ashton Coleman

Ashton is a technology & social media savvy professional who understands the industry providing white-glove service with a wealth of experience, an impeccable reputation and a keen ability to efficiently handle all facets of real estate. Ashton’s territory has grown significantly since 2002, marketing & selling extraordinary South Florida coastal real estate from Miami Beach to Lighthouse Point. A Certified Luxury Homes Marketing Specialist (Million Dollar Guild), with a multitude of other residential certifications, Ashton provides both exceptional service and unique selling techniques. His success is attributed to an unparalleled work ethic with years of experience including top-tier professional services where the ‘art of the deal’ is mastered in contract negotiations, deal-making intricacies and the end, results-driven real estate.

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