The Miami real estate market remained strong in the first quarter of 2023. We’ve continued to see a rise in home prices and a decrease in inventory, which made this climate a great seller’s market. The strong performance of the market is mostly due to a continuous influx of international investors, the strong and constantly growing job market, and of course the perfect climate and various lifestyle opportunities.
As someone closely following the real estate market, I'm pleased to share that the condominium market in Miami-Dade County has shown significant positive growth. The median price of a condominium in the county has experienced a noteworthy appreciation.
Compared to the previous quarter, the median price of condos in Miami-Dade County has increased by 4%. This indicates that the midpoint price of condos sold during this quarter was 4% higher than the midpoint price of condos sold in the previous quarter. This upward trend suggests a growing demand and potentially a strong market for condominiums in the county.
Furthermore, when comparing the median price to the same period last year, we see another impressive 4% increase. This means that the median price of condos in Miami-Dade County during this quarter surpassed the median price of condos sold in the same period of the previous year. This consistent year-over-year growth highlights the sustained appreciation and desirability of condominium properties in the area.
It's worth noting that the median price in Miami-Dade County remains the highest in the region. This indicates that condominiums in this county are commanding higher prices compared to neighboring areas, further emphasizing the appeal and value of investing in condominium properties in Miami-Dade County.
These positive trends in the condominium market signify a healthy real estate sector and suggest favorable conditions for buyers, sellers, and investors alike. However, it's always advisable to consult local market experts and reports for a comprehensive understanding of the specific dynamics and trends in the Miami-Dade County condominium market.
In the single-family homes market, we saw some interesting trends in the recent quarter. The median price of these homes increased by 6% compared to the fourth quarter of last year. This means that half of the homes sold during that time were priced higher than the median value, showing a positive upward movement in pricing.
On the other hand, the average price of single-family homes remained 3% lower than it was in the same quarter of the previous year. This means that when we look at all the homes sold during that quarter and calculate the average price, it was still lower compared to the average price of homes sold during the same period the previous year. However, the good news is that the average price stabilized in the first quarter of this year after experiencing a downward trend throughout 2022.
Overall, these findings suggest that the single-family homes market is showing signs of improvement. The increase in the median price indicates a growing demand for homes in this category. Although the average price is still lower than last year, the fact that it has stabilized is an encouraging sign. It indicates that the market is recovering and finding some balance after the price decreases we observed in the previous year.
*The above data is pulled from the MLS and only reflects properties over $1M in Miami-Dade.