Here's a quick view of the condo market for City of Miami, which includes areas such as Brickell, Coconut Grove, Edgwater, and Wynwood - see the map for all areas.
Key Notes:
*We have 4.9 months of supply of inventory, and that number has risen 14% vs last year, all condo prices combined. This shows we are headed more into a neutral market or more balanced market, from the sellers market we had been in for condos in 2021/2022.
*The average price per square foot of condos sold was $584, which represented a 15.8% increase vs the prior year.
*The averae price per unit sold was up 22.7% in July 2023 - vs the prior year.
*Both the number of active listings, and the number of sold units are down. Depending on the price range and building, we are seeing some areas overall still holding in price, while other higher ranges (depending on inventory) have more price reductions and more negotiating power. Contact me for more details.