Q3-2023
Report
Miami Beach/ Barrier Islands, FL Sales
Miami Beach/Barrier Islands
Median Sales Price
Number of Sales
$750K
2,450
$650K
2,050
$550K
1,650
Dashboard
$450K
1,250
YEAR-OVER-YEAR
$350K
850
Condo & Single Family + 13.7% Prices
450
$250K 2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Median Sales Price
+ 2.0 mos Pace
Months of Supply
- 12.6% Sales
Closed Sales
+ 10.3%
Inventory
Total Inventory
+ 26 days
Miami Beach/Barrier Islands Matrix Average Sales Price
Q3-2023
%∆ (qtr)
Q2-2023
%∆ (yr)
Q3-2022
$1,593,375
6.3%
$1,499,272
24.8%
$1,276,668
Average Price Per Sq Ft Median Sales Price
$1,055
0.9%
$1,046
15.4%
$914
$625,500
2.5%
$610,000
13.7%
$550,000
904
-13.3%
1,043
-12.6%
1,034
Number of Sales (Closed)
Median Sales(From PriceLast List Miami Days on Market Date) Beach/Barrier 95 Islands 5.6%Single-Family 90
Listing Discount (From Last List Price) $3.8M
8.3%
Listing Inventory $3.2M
2,826
Months of Supply $2.6M
Number of Sales 69 37.7%
4.3% 0.3%
2,817
4.3% 300 10.3%
2,561 240
9.4
16.0%
8.1
27.0%
7.4 180
Year-to-Date $2.0M Average $1.4M Sales Price (YTD)
Q3-2023
%∆ (qtr)
Q2-2023
%∆ (yr)
$1,563,281
N/A
N/A
4.8%
Q3-2022 120 $1,492,196 60
Average Price per Sq Ft (YTD) $800K 2014Price (YTD) 2015 2016 Median Sales
$1,052
N/A
2017 2018 $610,000
2019 N/A
2,879
N/A
Number of Sales (YTD)
2020
N/A
4.4%
$1,008 0
2021 N/A
2022 4.3%
2023$585,000
N/A
-39.9%
4,790
Marketing Time Days on Market
+ 4.0%
Negotiability Listing Discount
• All price trend indicators rose sharply year over year and remained well above prepandemic levels
• Sales declined year over year
All single family price trend indicators rose above the pre-pandemic level. Condo listing yearly, as median sales price expanded inventory has been expanding annually for 7.1% to $3,000,000, 114.3% above prethe third consecutive quarter, increasing Median Sales Price Number Sales Miami Beach/Barrier9.8% Islands Condo pandemic levels. Sales were unchanged yearly to 2,477. Sales fell ofby 13.8% year annually to 812. The condo luxury market, $550Kover year at 92 and down 8.1% from 2,300 pre-pandemic levels. Listing inventory for representing the top ten percent of all condo $490K families has expanded year over year single sales, started at $2,425,000, as all 1,900 price for five straight quarters, most recently by trend indicators rose from the prior-year 1,500 $430K 14.4% to 349. All condo price trend indicators quarter. The luxury condo median sales price 1,100 $370K increased year over year. Median sales increased 11.4% annually to $3,900,000, up 700 $310K price rose by 4.5% to $539,500 and 54.5% 69.6% from pre-pandemic levels. 300
$250K 2014
2015
2016
2017
2018
2019
2020
2021
2022
for the sixth consecutive quarter
• Listing inventory expanded
year over year for the fourth straight quarter Prepared by Miller Samuel Real Estate Appraisers & Consultants
2023