M GROUP

MARKET TREND

Q4 2022
Miami Beach

Summary

December 2022 was a Buyer's market! The number of for sale listings was up 25% from one year earlier and down 2% from the previous month. The number of sold listings decreased 54% year over year and decreased 10% month over month. The number of under contract listings was down 2% compared to previous month and down 42% compared to previous year. The Months of Inventory based on Closed Sales was 6.5, up 172% from the previous year.

The Average Sold Price per Square Footage was down 1.5% compared to previous month and down 8% compared to last year. The Median Sold Price decreased by 56% from last month. The Average Sold Price also decreased by 5% from last month. Based on the 6 month trend, the Average Sold Price trend was "Neutral" and the Median Sold Price trend was "Neutral".

The Average Days on Market showed a neutral trend, a decrease of 18% compared to previous year. The ratio of Sold Price vs. Original List Price was 91%, a decrease of 7% compared to previous year.

SINGLE FAMILY
WATERFRONT

Single Family Waterfront for sale in Miami Beach in December 2022 is 105 units. It is up 5% compared to last month and up 52% compared to last year.

Single Family Waterfront sold in Miami Beach in December 2022 is 2 units. It is down 33% compared to last month and down 85% compared to last year.

Single Family Waterfront under contract in Miami Beach in December 2022 is 3 units. It is the same compared to last month and down 80% compared to last year.

For Sale
December 2022
105
+5%
MoM
-52%
YoY
Sold
December 2022
2
-33%
MoM
-85%
YoY
Under Contract
December 2022
3
+0%
MoM
-80%
YoY
Single Family Waterfront Average Price per SQFT
December 2022
$2,408
+13%
MoM
-19%
YoY
Single Family Waterfront Month of Inventory
December 2022
52
+52%
MoM
+889%
YoY

SINGLE FAMILY
DRY LOT

Single Family Dry Lot for sale in Miami Beach in December 2022 is 125 units. It is up 9% compared to last month and up 105% compared to last year.

Single Family Dry Lot sold in Miami Beach in December 2022 is 7 units. It is the same compared to last month and down 70% compared to last year.

Single Family Dry Lot under contract in Miami Beach in December 2022 is 7 units. It is the same compared to last month and down 59% compared to last year.

For Sale
December 2022
125
+9%
MoM
+105%
YoY
Sold
December 2022
7
+0%
MoM
-70%
YoY
Under Contract
December 2022
7
+0%
MoM
-59%
YoY
Single Family Dry Lot Average Price per SQFT
December 2022
$1,147
-22%
MoM
-19%
YoY
Single Family Dry Lot Month of Inventory
December 2022
14
+103%
MoM
+122%
YoY

 

CONDO AND TOWNHOUSE

Condo and Townhouse for sale $1M+ on Miami Beach in December 2022 is 405 units. It is down 9.5% compared to last month and up 0.5% compared to last year.

Condo and Townhouse for sold $1M+ on Miami Beach in December 2022 is 17 units. It is down 39% compared to last month and down 75% compared to last year.

Condo and Townhouse for under contract $1M+ on Miami Beach in December 2022 is 26 units. It is up 18% compared to last month and lower 65% compared to last year.

For Sale
December 2022
405
-0.5%
MoM
+0.5%
YoY
Closed
December 2022
17
-39%
MoM
-74%
YoY
Under Contract
December 2022
26
+18%
MoM
-20%
YoY
Condo/Townhouse Average price per SQFT
December 2022
$1,538
+14%
MoM
+9%
YoY
Condo/Townhouse Month of Inventory
December 2022
24
+64%
MoM
+122%
YoY