M GROUP

MARKET TREND

Q2 2023
Miami Beach

Summary

June 2023 was a Buyer's market! The number of for sale listings was up 7.5% from one year earlier and down 11% from the previous month. The number of sold listings decreased 56% year over year and decreased 43% month over month. The number of under contract listings was up 67% compared to previous month and up 100% compared to previous year. The Months of Inventory based on Closed Sales was 21.5, up 142% from the previous year.

The Average Sold Price per Square Footage was up compared to previous month and up 50% compared to last year. The Median Sold Price increased by 154% from last month. The Average Sold Price also increased by 59% from last month. Based on the 6 month trend, the Average Sold Price trend was "Appreciating" and the Median Sold Price trend was "Appreciating".

The Average Days on Market showed a neutral trend, a decrease of 26% compared to previous year. The ratio of Sold Price vs. Original List Price was 76%, a decrease of 12% compared to previous year.

SINGLE FAMILY
WATERFRONT

Single Family Waterfront for sale in Miami Beach in June 2023 is 104 units. It is up 7% compared to last month and up 39% compared to last year.

Single Family Waterfront sold in Miami Beach in June 2023 is 22 units. It is up 47% compared to last month and down 8% compared to last year.

Single Family Waterfront under contract in Miami Beach in June 2023 is 3 units. It is down 67% compared to last month and down 80% compared to last year.

For Sale
June 2023
86
-12%
MoM
+8%
YoY
Sold
June 2023
4
-43%
MoM
-56%
YoY
Under Contract
June 2023
10
+67%
MoM
+100%
YoY
Single Family Waterfront Average Price per SQFT
June 2023
$1,474
-40%
MoM
+3%
YoY
Single Family Waterfront Month of Inventory
June 2023
17
+7%
MoM
+130%
YoY

SINGLE FAMILY
DRY LOT

Single Family Dry Lot for sale in Miami Beach in June 2023 is 114 units. It is down 3% compared to last month and up 84% compared to last year.

Single Family Dry Lot sold in Miami Beach in June 2023 is 12 units. It is up 3% compared to last month and down 52% compared to last year.

Single Family Dry Lot under contract in Miami Beach in June 2023 is 17 units. It is up 30% compared to last month and down 37% compared to last year.

For Sale
June 2023
112
-9%
MoM
+4%
YoY
Sold
June 2023
14
-18%
MoM
-7%
YoY
Under Contract
June 2023
20
+54%
MoM
+54%
YoY
Single Family Dry Lot Average Price per SQFT
June 2023
$789
-35%
MoM
-51%
YoY
Single Family Dry Lot Month of Inventory
June 2023
8
+11%
MoM
+11%
YoY

 

CONDO AND TOWNHOUSE

Condo and Townhouse for sale $1M+ on Miami Beach in June 2023 is 430 units. It is down -4% compared to last month and up 22% compared to last year.

Condo and Townhouse for sold $1M+ on Miami Beach in June 2023 is 35 units. It is up -25% compared to last month and down -46% compared to last year.

Condo and Townhouse for under contract $1M+ on Miami Beach in June 2023 is 38 units. It is down 15% compared to last month and up 6% compared to last year.

For Sale
June 2023
430
-4%
MoM
+22%
YoY
Closed
June 2023
35
-25%
MoM
-46%
YoY
Under Contract
June 2023
38
-15%
MoM
+6%
YoY
Condo/Townhouse Average price per SQFT
June 2023
$1,450
+7%
MoM
-23%
YoY
Condo/Townhouse Month of Inventory
June 2023
12.3
+29%
MoM
+127%
YoY