Q4-2021
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
+ 4.7%
$250K
Condo & Single Family
Prices
450 2013
2014
2015
2016
2017
2018
2019
2020
2021
Median Sales Price
- 10.0 mos Pace
Months of Supply
+ 40.5% Sales
Closed Sales
- 50.7%
Inventory
Total Inventory
- 63 days
Marketing Time Days on Market
- 7.9%
Negotiability Listing Discount
• Market-wide sales year to
date more than doubled last year’s total
• Bidding war market share rose to its highest level in more than four years of tracking
Miami Beach/Barrier Islands Matrix Average Sales Price Median Sales Price
Q4-2021
%∆ (qtr)
Q3-2021
$1,549,943 10.1% $1,408,174 Miami Beach/Barrier Islands Condo
Average Price Per Sq Ft $550K
%∆ (yr)
Q4-2020
7.9% $1,436,176 Number of Sales
$992
13.6%
$873
28.0%
$775 2,300
$555,000
-6.7%
$595,000
4.7%
Number of Sales (Closed) $430K Days on Market (From Last List Date) $370K
1,652
-3.3%
1,709
40.5%
$530,000 1,900 1,176 1,500
104
-15.4%
123
-37.7%
Listing Discount (From Last List Price) $310K Listing Inventory $250K Months2013 of Supply2014 2015
0.7%
Median Sales Price $490K
Year-to-Date Average Sales Price (YTD) Average Price per Sq Ft (YTD) Median Sales Price (YTD) Number of Sales (YTD) Median Sales Price
2,967
1.9% -16.3%
3,546
-50.7%
5.4 2017
-12.9% 2018
Q4-2021
%∆ (qtr)
Q3-2021
%∆ (yr)
Q4-2020
$1,535,030
N/A
N/A
22.4%
$1,254,545
2016
2019
6.22020 -64.9% 2021
167 1,100 8.6% 700 6,020 300 15.4
$908
N/A
N/A
25.9%
$721
$615,000
N/A
N/A
23.0%
$500,000
7,180
N/A
N/A
112.4%
3,380
Miami Beach/Barrier Islands Single-Family
Number of Sales
$2.8M
300
The demand momentum across the regions $2.4M was unprecedented as the fourth quarter $2.0M continued to be fueled by low mortgage rates, $1.6M a low tax environment, and the potential opportunities created by remote $1.2M work. However, listing inventory declines $800K are accelerating, unable to keep pace with 2013 2014 2015lower supply 2016 2017 heavy demand. As a result, has restrained potential sales, driving housing prices higher. Listing inventory plunged 50.7% year over year to 2,967, down 54% below pre-pandemic levels. Conversely, sales surged 40.5% annually to 1,652 and
doubled the same period two years ago. 240 As a result, the pace of the market was the 180 second-fastest in history. Months of supply, the number of months to sell all supply 120 at the current sales rate, was 5.4 months, 60 64.9% faster than the same period last 0 year. With limited supply, median sales 2018increased 2019 year2020 2021by 4.7% to price over year $555,000 for the seventh straight quarter, and the market share of bidding wars reached 7.9%, the highest level seen in four years of tracking.
• The pace of the market fell to the second-fastest on record
Prepared by Miller Samuel Real Estate Appraisers & Consultants