I’ve been curious about the trends related to the Miami residential market cycles from 2007’s market bust to today. Although we do not know what next year holds, Miami’s resilience has been tried & true for the real estate long game. Here are charts & graphs showing trends that have occurred in the last fifteen years. Check back often, and we will see what 4Q and 2023 hold for our Miami real estate market.
Miami Residential Market Data
For Sale, Sold, Pending & New Property Listings
After the condo development boom of 2005 to 2009, the other Miami residential market cycle was from 2015 to 2018, as we see inventory rising during this span. Post-Covid, inventory has fallen off the cliff. Although many new condo projects are underway, the new inventory will likely be far less than the last two development cycles. This graph also includes Miami homes, with the overall residential property inventory decreasing and trending downward.
Average Sale Price Per Square Foot
Who doesn’t want a piece of Miami real estate? This shows the fifteen-year appreciation doubling. I can barely remember when you could find real estate hovering at $150 per square foot, but those savvy investors who stepped in when everyone else was scared did quite well by 2013. I do believe we will say the same another fifteen years from now.
Days On Market & Sale to List Price Ratios
The days needed to sell a property in Miami were significantly fewer during this previous two-year real estate boom. You can also see what appears to be a green flat line with a relative 5% buyer discount consistent year over year. From 2008 to 2009, buyers had the most leverage at nearly 13% discounted from the list price. In 1Q 2022, the discount was <2% off the list.
Median Sale Price, Sold, and For Sale
From the blue median sale price, we see a good run to what is today nearly $500k for a residential property. As the red line shows sold values hanging fairly close to the median values, what stands out more predominately is the aggressive pricing selling hope for in their listing values, as we see with the green line shooting for the stars. With that, we can see a market correction setting better expectations for sellers hoping to sell as of June this year.
Months of Inventory
The simple law of supply & demand, this graph says a lot. It also correlates to the development cycles mentioned in the first chart above.
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