South of Fifth (SoFi) is currently undergoing adjustments after the surge caused by the pandemic and post pandemia high.
The average sales price for all condominiums in South of Fifth has decreased by 8.7% compared to 2022. However, it still surpasses many of Miami's market averages and even national averages. Additionally, there has been a significant decrease of 37% in the volume of sales. The pace of the market has slowed a bit, with 3% increase in the time it takes to sell a property.
- Sales continue to lag behind the heightened activity seen during the housing boom caused by the pandemic.
- SoFi has witnessed a readjustment of prices, and there has also been a decrease in the number of sales.
- The market's pace, commonly referred to as months of supply, remains at similar levels to those of the previous year.
As inventory levels change, we have to see how prices for the South of Fifth real estate market are impacted. Will condo pricing be affected by the Structural Integrity Reserve Study and the fact that associations will no longer be allowed to waive their reserve contributions?