Just Released Q1 2023 Elliman Market Reports
Attention all Miami real estate enthusiasts! It's that time of the year again where we bring you the latest scoop on the Florida sales market. We are thrilled to announce the release of the first quarter 2023 "Elliman Reports" in partnership with Miller Samuel.
Our market reports are designed to provide you with the most up-to-date information on the Florida sales market, including trends, pricing, and inventory. The team of experts has analyzed the data to ensure that you have the most accurate and insightful information at your fingertips. Whether you're a buyer, seller, or just a curious real estate enthusiast, this report is a must-read. So sit back, relax, and dive into the world of Florida real estate with our comprehensive and informative "Elliman Reports".
To download your complete Miami market report click here
Key takeways from the report are
- We have learned that supply remains far short of pre-pandemic conditions
- Sales have declined below the frenzied elevated sales levels of 2021 and early 2022
- Median prices have risen from pre-pandemic levels, at times up to record highs of 82% increases
- Bidding wars have dropped, allowing buyers more negotiations
- Listings have expanded but are significantly below pre-pandemic levels
Coral Gables highlights
The median sales price of the single market slipped 79% year over year to $1,662,500, 70.5% higher than pre-pandemic levels. family sales declined 29.7% annually to 11 to a lack of listing inventory and higher mortgage rates. While listing inventory for single expanded annually from year-ago lows supply was 67.2% below pre-pandemic levels.
Bidding war market share was 6.7% of all first-quarter single family closings, down from the then-record high of 30.4% in the same period last year. The condo market showed rising annual price trends, with median sales price up 12% yearly to $573,750, up 53% from pre-pandemic levels. Condo sales fell 55.5% annually to 57 units, yet condo listing inventory remained 62.2% below pre-pandemic levels even with an annual gain. The condo luxury market, representing the top ten percent of all condo sales, started at $1,900,000 and showed mixed yearly price gains. The median condo luxury price rose 10.6% annually to $2,500,000, 75.4% above pre-pandemic levels.
Miami Coastal Mainland Highlights
The median sales price of the single-family market rose 4.3% year over year to $610,000, the second-highest on record and 51% higher than pre-pandemic levels. Single family sales declined 29.8% annually to 1,391 due to a lack of listing inventory and higher mortgage rates. Listing inventory for single families expanded annually from year-ago lows to 1,805. Single family market share for bidding wars was 12% of all first-quarter closings, down from the near-record high of 30.8% in the same period last year.
The condo market saw rising annual trends, with median sales price up 3.8% yearly to $415,000, up 57.2% above pre-pandemic levels. Condo sales fell 48.9% annually to 1,682 units, as condo listing inventory rose 62.9% from year-ago record lows. The condo luxury market, representing the top ten percent of all condo sales, started at $1,050,000. The median condo luxury price rose 1.4% annually to $1,651,000, a record high, 76.4% above pre-pandemic levels.
Coconut Grove
- Single family price trend indicators declined year over year but remained well above pre-pandemic levels
- Single family listing inventory continued to rise annually but remained sharply below pre-pandemic levels
- Condo price trend indicators surged year over year and remained sharply above pre-pandemic levels
- Condo listing inventory continued to rise annually but remained sharply below pre-pandemic levels
Brickell
- Price trend indicators increased year over year to record and near-record levels
- Sales declined annually yet remained above pre-pandemic levels
Downtown
- Single family price trend indicators showed mixed year over year results but remained well above pre-pandemic levels
- Single family listing inventory continued to rise annually but remained sharply below pre-pandemic levels
- Condo price trend indicators increased year over year and remained sharply above pre-pandemic levels
- Condo listing inventory continued to rise annually but remained sharply below pre-pandemic levels
Palmetto Bay
- Price trend indicators increased year over year
- Sales declined annually and were below pro-pandemic levels
Pinecrest
- Price trend indicators showed mixed year over year results but remained well above pre-pandemic levels
- Sales declined annually and were below pre-pandemic levels
South Miami
- Price trend indicators showed mixed year over year results but remained significantly above pre-pandemic levels
- Sales declined annually and were below pre-pandemic levels
Miami Beach Highlights
The median sales price of the single family market rose 3.7% year over year to $2,800,000, the third-highest on record and 75% higher than pre-pandemic levels. Single family sales declined 55.3% annually to 72 due to a lack of listing inventory and higher mortgage rates. Listing inventory for single families expanded annually from year-ago lows to 364. Single family market share for bidding wars was 2.8% of all first-quarter closings, down from the near-record high of 12.4% in the same period last year.
The condo market saw rising annual trends, with median sales price up 2.2% yearly to $548,000, up 54.1% above pre-pandemic levels. Condo sales fell 50.7% annually to 860 units, as condo listing inventory rose 32.6% from year-ago record lows. The condo luxury market, representing the top ten percent of all condo sales, started at $2,800,000 and showed significant yearly price gains. The median condo luxury price rose 2.2% annually to $4,650,000, a record high, 82.1% above pre-pandemic levels.
Douglas Elliman Market Reports in conjunction with Miller Samuel
As a savvy investor, seasoned buyer or seller, keeping up with the latest market trends and data is essential to making informed decisions. Produced in conjunction with Miller Samuel, these reports provide a comprehensive analysis of the first quarter of 2023 Miami real estate market, giving you an in-depth look at the latest trends, patterns, and insights. Whether you are a buyer, seller, or industry professional, our market reports are an invaluable resource that can help you stay ahead of the curve and make the most of your investments.
