The Miami Beach single family home market has seen a 76% decrease ($3.7M in September 2020 to $877K 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) - suggesting that the buying frenzy spurred by the pandemic for single family homes may be slowing.
Don't let the numbers fool you - although there was a 76% decrease in single family home sales prices between last year and this year, there's still plenty of demand. We're seeing that all of the on-market, turnkey homes and spec homes have already sold, creating a shortage in new product. This is directing buyers who want to be in this market to turn to homes that are in need of upgrading.
Click here or on the photo below to download the September 2021 TRENDS Market Report, with exclusive insider real estate data for Florida's Southeast Coast.