The slow time of the year is still in full swing in Miami Beach, but trends are beginning to show slight signs of improvement with spring right around the corner. Altos Research, a California-based real estate data company, released its weekly market update report March 11, finding that while the market is still very much in favor of homebuyers, prices are strong and growing.
Like most luxury markets, Miami Beach is pretty heavily swayed in favor of the homebuyer. Altos uses a unique metric called the Market Action Index to determine whether trends are in favor of buyers or sellers using a neutral value of 30.
Throughout the past 12 months, the MAI has been continuously in favor of buyers, and since the summer it has consistently swayed even more in their favor.
The MAI was reported at 22.13, but luckily for sellers, trends are slowly starting to inch back up.
The median single-family home value in Miami is on the rise on a weekly basis, but it still pretty balanced when considering the 90-day average. As of March 11, the median home price was reported at $2,699,885.
Active listings in Miami Beach
Homes are listed on the market on average for about 194 days. Considering where the average days on market was in July– about 217 days– homes are selling just slightly quicker. And it doesn’t have to do with the pool of inventory.
Inventory in Miami Beach has been on the rise since September, on a very consistent basis. Currently there are about 516 properties listed on the market, and the 90-day average is looking no where but up. The seven-day average is showing a very slight dip, or rather an evening out, in the past week.
If last year’s trends indicate everything about the market, inventory will be much lower through the summer and into the fall. Last September had the lowest levels of inventory, about 350 available homes.