Miami Beach Homes for Sale: High Interest Rates Led to Lower Sales Volume in December 2022

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Florida's housing market saw a decline in home sales in November, particularly for homes under $500,000, according to the most recent market report by the premier Brokerage for luxury real estate along Florida's East Coast, ONE Sotheby's International Realty. The data reveals in Miami-Dade County, single-family home sales decreased 39% and condominium sales decreased 43% compared to November 2021. However, median and average sales prices for both types of homes increased, as did the average price per square foot. Luxury home sales in Miami Beach saw a significant decline, with only 10 sales in November 2022 and a 14% increase in the average sales price compared to the previous year. Condo sales in Miami Beach also decreased 43%, but the average sales price saw a 12% increase and the price per square foot increased 13% compared to November 2021.

As the new year begins, Florida's housing market has gradually shifted as mortgage rates increase and buyer confidence wavers. Regardless of price tier, home sales showed a steady decline in November with the most significant decrease occurring in homes under $500,000. When it comes to Miami Beach homes for sale and condos for sale in Miami Beach, the market has shown significant change over last November according to the most recent data collected by the premier Brokerage for luxury real estate along Florida's East Coast, ONE Sotheby's International Realty.

Focusing on Miami-Dade County, the average sales price for single-family homes in November 2022 was $902,338, a decline of more than $13,000 over November 2021. However, condominiums in Miami-Dade County saw a significant increase over last November. While 2021 saw the average condominium sell for $532,121, the average sales price in November 2022 was $638,818—the highest in of Florida's East Coast counties.

November saw 4,293 single-family homes for sale in Miami-Dade County, as well as 6,775 condominiums, with both categories seeing a 4% increase in available stock over the prior month. This equated to 686 single-family home sales, a 39% decrease over November 2021, as well as 1,020 condominium sales, which was a 43% decrease over the previous year.

Although real estate sales decreased, median sales prices, as well as the average price per square foot, have improved since November 2022. Single-family homes had a median sales price of $555,000 while condominiums had a median price of $3955,000. These sales prices showed increases over November 2021 of 9% and 13%, respectively. Looking at price per square foot, single-family homes increased 7% over the previous year at $411 while condominiums increased 9%, coming in at $463.

The average Miami Beach luxury home sales price in November 2022 was $5,581,000, 14% above November 2021's average sales price of $5,001,207. The average price per square foot came in at $1,595, again showing a significant increase over the previous year's price per square foot. However, transactions declined exceptionally. Miami Beach saw only 10 home sales in November 2022, a 71% decrease over November 2021. The average Miami beach luxury home was on the market for a total of 90 days.

Looking at condos for sale in Miami Beach, the data is slightly more positive. November 2022's average sales price of $973,774 sat 12% above the November 2021 average of $867,732, while the price per square foot of $697 showed a 13% increase over November of the previous year. 139 condominiums sold in Miami Beach last month, a 43% drop from last November, and the average condominium spent 77 days on the market.

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Samantha Elenson
ONE Sotheby's Int'l Realty
1 7863934793
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Samantha Joelle Elenson