Miami Beaches & Coastal Mainland Market Report: 2Q 2022
Miami Beaches Highlights
The housing market in Miami Beach remains incredibly active for interested buyers, even while supply diminishes. Homebuyers continue to flock to this irresistible part of South Florida because of its low taxes, incredible weather that encourages year-round outdoor activity, and the vibrant lifestyle for which Miami Beach is known.
The Miami Beach condo/co-op market is still in high demand, compared to 1Q 2022. However, supply is down year-over-year. This caused a 25% drop in sales, but has kept prices at a steady high.
- Closings fell 25% annually to 1,679, the second-highest second quarter in ten years.
- Listed inventory fell 38% compared to last year, dropping to a new historic low of approximately 2,400 units.
- Average price remained level, compared to the previous year and quarter. But as larger units become more scarce, median price dipped 3% YOY.
Average price for Miami Beach single-family homes has reached the highest point on record, at $5.9M. Median price also jumped an astounding 70% annually—to $3.5M.
- Single-family inventory is down 24% annually, but a 15% quarterly increase in available listings has given the market relief from record-low inventory.
- Days-on-market decreased 21% annually, but the recent injection of inventory, especially at the high end, caused a 20% increase in marketing time compared to 1Q 2022.
Miami Coastal Mainland
Strong demand for homes in the Miami Coastal Mainland market continued in 2Q 2022, with trends closely aligning with what’s taking shape in the Miami Beaches. Compared to 1Q 2022, however, this area is seeing quarterly increases in inventory amid declining sales, potentially signaling a cooling of pricing across all product types.
The condo/co-op market in the Miami Coastal Mainland was once again in high demand as the area sees widespread relocation and a booming new business district. With more activity in the area, condos/co-ops are spending fewer days on the market and prices continue to rise.
- Condo/co-op closings declined 23% year-over-year—to 1,887—but remained nearly level with 1Q 2021, which saw just over 1,900 sales.
- Average price rose to $809K—a record high, and a 30% premium over the same time last year.
- Negotiability became even more limited, with average discounts at just -1.6%, a 2.7% decrease in negotiability compared to last year.
- Listed inventory increased to almost 2,400 units, up 19% from last quarter’s record low of just over 2,000 available listings.
