Miami Residential Market Cycles (2007 vs. 2022)

Miami Residential Market Cycles 2007 vs 2022

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.

Miami Residential Market Inventory Trends

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.

Miami Residential Market Average Price per Square Foot trends

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.

Days on Market and Sale to List Price Ratio (Buyer Discount)

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.

Miami Residential Market Median Sale Price, Listings, and Pending Contracts

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.

Miami Residential Market Months of Inventory

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The Miami Beach Real Estate Blog is an excellent resource for South Florida residential real estate data and property information. Check back often to learn about Miami real estate opportunities & trends.

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Ashton is a tech & 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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