Supply began to increase across Miami Beaches in the second quarter of 2023, as markets begin to normalize.
According to The Corcoran Report for 2Q 223 Maimi Beaches & Coastal Mainland, sales volume began to slow in the Miami Beaches compared to the first quarter of 2023, while available inventory increased throughout all housing sectors signaling the start of market normalization.
“While second-quarter sales in the Miami Beaches declined compared to the strength of last year’s market, quarter-over-quarter increases for every product type show the signs of a market beginning to normalize. As inventory continues to expand, much-needed supply is available, meaning buyers now have a variety of choices if they act fast.” Says Pamela Liebman, Corcoran’s President & CEO.
Sales also slowed throughout the Miami Coastal Mainland market compared to 2022’s robust numbers but rose over 25% compared to 1Q 2023, however, inventory remained similar to last year, up to 2,400 as of the end of June, but fell 10% versus last quarter.
“Similarly in Miami’s Coastal Mainland, closings and sales volume declined annually, but the market rebounded quarter-over-quarter by over 25% for both closings and closed sales volume. Any economic concerns that slowed the pace of sales in 1Q look to be less of a concern and eager buyers should take advantage of current pricing — average listing discounts deepened year-over-year for both single-family and condo/co-op/townhouse sales.” Pamela explains.