As of December 2022, the Miami-Dade County residential real estate market remains busy, but we have seen a decrease in activity compared to December 2021.
Miami-Dade County’s Residential Market
Median Home/Condominium Prices. One of the most significant trends in the Miami residential real estate market is the continued rise in median home prices. According to the Florida Realtors SunStats, the median sales price for single-family homes in Miami-Dade County in December 2022 was $530,900, a 1.1% increase since December 2021’s $525,000. The median sales price for condominiums increased slightly more, rising by 5.5% to $374,500 since last year’s $355,000.
Active Inventory. We are also seeing an upward trend in the Miami-Dade County market of active inventory. The number of active listings for single-family homes in Miami-Dade County increased by 57.7% rising from 2,563 to 4,043 from December 2021 to December 2022. Active listings for condominiums increased slightly by 3.6% in the same time period.
Months Supply of Inventory. As expected, months supply of inventory is showing a direct relationship with active inventory. As we see an upward trend in active inventory, months supply of inventory goes up from 2.0 to 4.o, a 100% increase from December 2021 to December 2022 for single-family homes. Additionally, we saw a 24.2% increase in months supply of inventory in the same time period for townhomes and condominiums.
Dollar Volume. The dollar volume is trending downwards from $1.7B to $598.2M, a decrease in 64.2% for single-family homes from December 2021 to December 2022. We are also seeing a similar decrease for townhomes and condominiums from $1.4B to $650M, a decrease of 54.7% in the same time period.
New Pending Sales. Pending sales have also decreased by 40.3% from 1,186 to 708 for single-family homes and by 49.4% from 1,938 to 980 for townhouses and condominiums in the same time period.
Closed Sales. Consequently, the number of closed sales for single-family homes, townhomes, and condominiums have decreased. Single-family homes saw a decrease in closed sales by 45.1% while townhomes and condominiums saw a decrease of 50.2%.
Coral Gables
Median Home/Condominium Prices. Coral Gables has experienced a decrease in median home prices for single-family homes since December 2021. In December 2022 the median home price was $1,425,000, a 14.7% decrease since December 2021’s $1,670,000. The median sales price for townhomes and condominiums decreased slightly less, lowering by 6.2% to $530,000 from $565,000 in December 2021.
Active Inventory. The number of active listings for single-family homes in Coral Gables increased by 93.8% rising from 96 to 186 from December 2021 to December 2022. In contrast, active listings for condominiums decreased by 21.8% in the same time period.
Months Supply of Inventory. Similar to Miami-Dade County as a whole, Coral Gables is seeing a significant increase in supply of inventory, rising to 5.3 from 1.4 – a 278.6% change for single-family homes. On the other hand, townhomes and condominiums saw a 4.8% decrease in months supply of inventory in the same time period.
Dollar Volume. The dollar volume has experienced a sharp decrease in Coral Gables from $175.6M to $28.4M, an 83.9% decrease for single-family homes from December 2021 to December 2022. We also saw a similar decrease for townhomes and condominiums from $38.7M to $12.1M, a decrease of 68.7% in the same time period.
New Pending Sales. Pending sales have decreased by 69.1% from 55 to 17 for single-family homes and by 48.4% from 31 to 16 for townhouses and condominiums in the same time period.
Closed Sales. The number of closed sales for single-family homes, townhomes, and condominiums have also decreased in Coral Gables as they have in Miami-Dade County. Single-family homes saw a decrease in closed sales by 71.4% while townhomes and condominiums saw a decrease of 64.4%.