January has closed out in Miami. How are the markets behaving so far in 2025? The tail of two markets continues to play out. -> sales volume of both SFH & Condos past $2K / square foot are up year-over-year, clocking in record transaction volume for the month of January. In Jan 2019, there were ZERO SFH sales past $2K / sq ft. Things can change quickly. New product at prime locations (especially end user product) is likely in under supply. -> the extinction of SFH below $500K continues. Active listings (inventory) in Miami Dade < $500K in January 2025: 640. Active listings (inventory) in Miami Dade <$500K in January 2019: 4,452 We are down 86% vs. pre Covid in 2019. This is the extinction of a price point.
South Florida Real Estate: the truth about inventory
Download my full Q2 2024 Miami Real Estate Report
What is really going on with inventory levels in South Florida? So much press lately about rising inventory in FL and across America.
Here is the reality for Miami Dade, specifically for SFH:
* SFH overall inventory remains 39% below pre Covid, 2019.
* SFH median pricing hit an all time high in June 2024, up 78% versus June 2019 & up 5% YOY.
* SFH active listings below $500K are at all time lows.
They are down a shocking 87% versus pre covid, 2019. And are down 17% YOY.
SFH under $500K is essentially disappearing.
There were 513 active listings in June 2014 versus over 3,500 in June 2019.
Our SFH market is extremely healthy and extremely tight.
Simply put: we cannot add more inventory vertically.
The wealth and talent migration has just begun, and or feeder jurisdictions will continue their hostilities towards capital.
Remember: we are poaching tax payers from blue states that were high lockdown. Our success is in many cases, contrary to their belief systems. Hence the misrepresentation.
But remember: haters are fans too 🙂
#LONGMIAMI
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