22/02/2023
Knowing what is going on in our market is esencial to be able to have the knowledgeable conversations with our clients! This is the most asked question to every Real estate agent! Miami board of realtors:
Miami-Dade Active Listings Still Near Historical Lows; More Supply Needed
The average year-end Miami annual active inventory since 2008 is 19,537 and active listings at the end of 2022 totaled 10,730. Miami active listings are down 48.7% versus pre-pandemic (year-end 2022 vs. year-end 2019).
Total active listings at the end of January 2023 increased 30.1% year-over-year, from 8,275 to 10,769.
Inventory of single-family homes increased 67.5% year-over-year in January 2023 from 2,367 active listings last year to 3,964 last month. Condominium inventory increased 15.2% year-over-year to 6,805 from 5,908 listings during the same period in 2022.
New listings of Miami single-family homes decreased 6.8% to 1,306 from 1,401 year-over-year. New listings of condominiums decreased 19.6%, from 2,410 to 1,938 year-over-year.
New listings for all Miami properties are up 39.8% month over month in January 2023.
Months’ supply of inventory for single-family homes increased 122.2% to 4 months year-over-year, which indicates a seller’s market. Inventory for existing condominiums increased 51.7% to 4.4 months, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.