Data powered by Florida Realtors.
Brickell, Miami, 33131
Inventory has moved slightly up but it remains a seller's market with higher sold prices, fewer closed deals, and new listings from March 2022
| April 2022 | March 2022 | February 2022 |
Closed Sales | 155 | 184 | 149 |
Average Sale Price | $903,709 | $801,520 | $826,481 |
Median Time to Contract | 30 Days | 29 Days | 44 Days |
New Listings | 176 | 201 | 176 |
Active Inventory | 363 | 360 | 344 |
Months Supply of Inventory | 2.3 | 2.2 | 2.2 |
Downtown, Miami, 33132
Inventory has remained the same, it's currently a neutral market edging into a seller's market. There have been fewer new listings, sold prices have increased but closed sales have decreased from March 2022.
| April 2022 | March 2022 | February 2022 |
Closed Sales | 91 | 119 | 57 |
Average Sale Price | 839280 | 604744 | 757877 |
Median Time to Contract | 33 Days | 21 Days | 49 Days |
New Listings | 92 | 129 | 114 |
Active Inventory | 254 | 253 | 271 |
Months Supply of Inventory | 3.1 | 3.1 | 3.1 |
Edgewater, Miami, 3313
Inventory has remained about the same, it's currently a neutral market edging into a seller's market. There are more new listings, sold prices have slightly decreased and closed sales have decreased from March 2022.
| April 2022 | March 2022 | February 2022 |
Closed Sales | 72 | 111 | 84 |
Average Sale Price | $855,100 | $875,363 | $793,638 |
Median Time to Contract | 56 Days | 55 Days | 62 Days |
New Listings | 92 | 73 | 100 |
Active Inventory | 248 | 243 | 301 |
Months Supply of Inventory | 3.2 | 3.1 | 4 |
My opinion
Condo prices have continued to increase in the Brickell, Downtown Miami, and Edgewater areas, as buyers continue to move to the area. Many reports say that prices are expected to continue to climb with the Miami real estate market being less likely to be affected by the anticipated change in economic conditions. However, I believe prices will either become more stable or we may see a slight decrease with interest rates continue to climb. I believe sellers will become the ones with FOMO and we will see more listings come to the market while buyers began to wait it out for better prices and interest rates. I do believe higher rent prices will keep many buyers in the market and we will begin to see more foreign buyers coming back to Miami.
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