Introduction:
The Miami real estate market continues to demonstrate robust activity, with homes selling at a faster pace compared to the previous year. In June 2023, the average time it took to sell a home in Miami, Florida increased to 54 days, a 19.8% rise from the previous year. With 486 homes sold during this period, it is clear that buyers need to act quickly to secure their desired properties. This article provides an overview of the Miami real estate market, including average sale times, inventory, and price trends.
Average Sale Time:
In June 2023, the average time it took to sell a home in Miami increased to 54 days. This indicates a growing demand for properties in the area, as buyers are competing for available listings. It is important for potential buyers to stay proactive and work closely with real estate professionals to navigate this fast-paced market successfully.
Breakdown of Home Sale Times:
Out of the 486 homes sold in June 2023, here is a breakdown of the sale times:
- Under 30 Days: 55%
- In 30 – 90 Days: 27%
- Over 90 Days: 18%
This breakdown highlights that a significant portion of homes (55%) are being sold within the first month of listing, emphasizing the need for buyers to act swiftly to secure their desired properties.
Market Inventory and Price Trends:
Miami currently has 5,622 homes on the market, indicating a steady supply of available properties. In June 2023, the median list price in Miami was $511,054. The pricing trends across different property types are as follows:
- 1 bedroom properties: Prices increased by 13.6%.
- 2 bedroom properties: Prices increased by 4.2%.
- 3 bedroom properties: Prices increased by 7.7%.
- 4 bedroom properties: Prices increased by 8.3%.
- 5 bedroom properties: Prices decreased by 9%.
This data suggests that the Miami market remains active, with consistent price growth across most property types. Buyers should be prepared for a competitive market and potential price increases when searching for their ideal homes.
Number above is a rough estimate from IDX services, might not be accurate.
Conclusion:
The Miami real estate market in June 2023 continues to exhibit strong activity, with homes selling at an accelerated pace compared to the previous year. The average time it takes to sell a home has increased to 54 days, indicating a growing demand and competitive environment for buyers. With an inventory of 5,622 homes, Miami offers a range of options for prospective buyers. However, it is crucial to act swiftly and work with real estate professionals to navigate the fast-paced market successfully.
