The Miami Beach single family home market has seen a 76% decrease ($3.7M in September 2020 to $876K in September 2021) year-over-year based on average sales price. Plus, the Miami Beach condo market has seen a 18% decrease year-over-year ($838K in September 2020 to $689K in September 2021).
Even though there was a decrease in Single Family Homes and Condo prices between October last year and this year, we need to remember that because a lot of schools and workplaces up North were still closed down, there was a frenzy throughout August, September, and October of 2020 to move down to Miami, and reap the benefits of all it has to offer. Miami Beach's housing market is still strong.
Inventory remains at an all-time low, and the demand continues to exceed to current supply in the market. Therefore, we see continued growth going forward for homes and condos, especially homes with beautiful views and upgraded features.
Throughout October, I've seen an uptick in deals and I have 10 deals pending now!