TRENDS February 2022 Market Report

The Miami Beach single family home market has seen a 25% increase ($4.5M in January 2021 to $5.6M in January 2022) year-over-year based on average sales price. Plus, the Miami Beach condo market has seen a 24% increase year-over-year ($850K in January 2021 to $1.1M in January 2022).

Around Miami, many aspects of our lives are getting back to normal and we've been able to enjoy lots of our usual yearly celebrations. The South Beach Wine & Food Festival and the Coconut Grove Art Festival were incredible this year.

In Miami Beach, the overall inventory for condo units has typically outweighed inventory of single family homes by a factor of about 10. However, since buyers really want their piece of the Miami Beach lifestyle, there are as few condos available as there are homes. Normally, we see approximately 10 - 20% of units in condo buildings at any one time available, and right now we're seeing fewer than 3% of units available before they get snatched up.

One example that illustrates the strength of the market now is in Miami Beach favorite The Mei. This building has about 165 units, and right now there is only 1 unit up for sale - and in the last 12 months, 29 properties have been traded!

Miami Beach's housing market continues to stay red hot as most other places around the country are ice cold at the tail end of a freezing winter. Wish you were here!