Biscayne Real Estate

Happy New Year everyone!

This table presents updated data for single-family homes throughout Miami neighborhoods.

East Kendall has the highest year-over-year increase in the median listing price of 15.3%. Coral Gables’ median listing price conversely dropped by 11.8% from November of last year. Although the listing prices themselves are of significantly lesser value indicator than selling prices since listing prices merely represent either seller’s or their agent’s hopeful or anticipated sale price of their property, they are still a part of comprehensive neighborhood picture.

As you can see in the table above, comparing the year-to-date median sale price of Miami single-family homes in 2019 to the median sale price in 2018 depicts gains in the majority of the surveyed markets except for Coral Gables which dropped by 4.6% from $970,000 to $925,000. East Kendall and Coconut Grove posted rather insignificant drops of less than 1%. We calculated increases of between 4-5% for Upper East Side, Palmetto Bay, Pinecrest, and Key Biscayne.

Inventories have notably surged in two neighborhoods compared to a year ago. Pinecrest by 21.4% to 11.9 months which is still within a12-month norm but Key Biscayne by 17.8% to 32.5 months which is presently the highest level since we started compiling these reports.

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Most notable changes of available condominiums for sale took place in Coconut Grove where the number of available units increased by +9.4% to 233 and Edgewater where it decreased by -2.3% to 991.

We show the changes of available units for sale (above) but also inventory levels (bellow) which is calculated as how many months it would take to sell off currently available units. In our scenario we use a number of sale per month calculated from the number of total sales which took place in the last 12 months to avoid seasonal fluctuations.

Inventory levels decreased most significantly in Edgewater (1.6 months or 5.7%) and Key Biscayne (1.1 months or 5.6%). Comparing the current levels to November of 2018, five out of eight surveyed neighborhoods have lower inventories with other three increasing by less than 1 month (South Beach, Aventura, and Key Biscayne).

Comparing the current median asking prices to October of last year, Downtown Miami edged up by 4.7% to $450,000 while Edgewater slipped by 5.3% to $540,000.

Last 90-day Median Sale Prices appear most alarming in Sunny Isles where the median sale price plummeted by -15.1% to $344,250 compared to data from October of 2018 and in Coconut Grove with a drop of -15.5% to $405,000. 2019 year-to-date data compared to 2018 look slightly better but still grim setting the median sale price drop for Sunny Isles at -7.4% and Coconut Grove at -8.9%. South Beach had a downward trajectory since March of this year but compared to median sale price a year ago, at $292,000 it is up by +15.4%.

Number of active single family listings decreased on all surveyed neighborhoods by an average of 10.6% with a sole exception of Key Biscayne where the active listings number increased by 5.2%.

Most notable changes in median sale price in the last 90 days took place in Miami Shores, Pinecrest, and Coconut Grove where the prices increased 21.0%, 11.2%, and 10.3% consecutively, and Key Biscayne where the median price dropped by 17.2%.
While we compare the trailing 3 month median sales data (June through August) to the same period in the previous year, resulting difference is not necessarily indicative of ongoing trends in any particular neighborhood. If, on the other hand, these trends occur on repetitive basis plus are further supported by a drop in monthly sales, increased inventories, and lowered listing prices many of which have been for example taking place in Key Biscayne recently then this surely raises a red flag.

Inventory levels followed the same pattern as median sale prices by declining in all surveyed markets except Key Biscayne where it ballooned to 32.5 months. East Kendall and Palmetto Bay have currently the lowest inventory levels of 5.4 and 6.2 months.