As we kick off the new year, the real estate market in Miami and Broward County continues to experience significant shifts. Here are some of the key highlights from February 2023.

The real estate market in Miami and Broward County has undergone significant changes in February 2023. While the market continues to show strength in some areas, others have seen significant shifts due to supply and demand changes, government policies, and the general economic environment.

Miami-Dade County:

Single-Family Homes:

The for-sale inventory of single-family homes in Miami-Dade County decreased by 3% from the previous month, yet it still remains 80% higher than one year ago. Miami homes for sale (median sales price) increased by 8% from last year, reaching $400,000. Active listings have increased by 21%, but sold listings have decreased by 48%. However, luxury sales fared better than other price tiers, particularly homes priced above the $10 million threshold.

Neighborhood Snapshots:

In Aventura, the median sales price has increased by 6% from last year, reaching $435,000, and the median price per square foot (PPSF) has increased by 28%, reaching $374. Closed sales decreased by 49%, while the average days on the market increased by 60%.

In Bal Harbour, the median sales price has decreased by 15% from last year, reaching $1,015,000. The median PPSF has increased by 19%, reaching $904. Closed sales decreased by 75%, while the average days on the market increased by 45%.

In Coconut Grove, the median sales price has increased by 42% from last year, reaching $1,200,000. The median PPSF has increased by 34%, reaching $638. Closed sales decreased by 41%, while the average days on the market decreased by 10%.

Condominiums:

The median sales price for condominiums in Miami-Dade County has increased by 6% from last year, reaching $543,000. The median PPSF has increased by 11% from last month, reaching $314. Active listings have increased by 9%, but sold listings have decreased by 36%.

Broward County:

Single-Family Homes:

The median sales price of single-family homes in Broward County has increased by 4% from last year, reaching $505,000. The median PPSF has increased by 20%, reaching $265. Active listings have increased by 4%, but sold listings have decreased by 37%.

Neighborhood Snapshots:

In Coral Springs, the median sales price has increased by 12% from last year, reaching $637,500. The median PPSF has increased by 5%, reaching $288. Closed sales decreased by 47%, while the average days on the market increased by 59%.

In Davie, the median sales price has decreased by 8% from last year, reaching $675,000. The median PPSF has increased by 5%, reaching $339. Closed sales decreased by 18%, while the average days on the market increased by 54%.

In Fort Lauderdale, the median sales price has decreased by 15% from last year, reaching $520,000. The median PPSF has increased by 1%, reaching $358. Closed sales decreased by 36%, while the average days on the market increased by 52%.

Overall, the housing market in Miami and Broward County is continuing to experience price increases and limited inventory, particularly for single-family homes. Single-family homes have seen a decrease in inventory and an increase in prices in both counties, but condominiums have seen an increase in prices and a decrease in sold listings in Miami-Dade County. As the economy continues to recover from the pandemic, it will be interesting to see how these trends continue to evolve.

Miami-Dade County:

  • Single-family home inventory decreased by 3% from the previous month but is still 80% higher than a year ago.
  • Luxury homes priced above $10 million saw better sales than other price tiers.
  • Median sales price for single-family homes increased by 8% year over year to $400,000.
  • Active listings for single-family homes increased by 21% year over year to 6,743.
  • Median price per square foot for single-family homes increased by 13% year over year to $379.
  • Neighborhoods with the highest year-over-year increases in median sales price: Pinecrest (146%), Coral Gables (55%), and Key Biscayne (10%).
  • Median price per square foot for condos increased by 11% from the previous month, the largest increase in the region.
  • Median sales price for condos increased by 6% year over year to $543,000.
  • Active listings for condos decreased by 36% year over year to 651.

Broward County:

  • Median sales price for single-family homes increased by 12% year over year to $637,500.
  • Median price per square foot for single-family homes increased by 5% year over year to $288.
  • Active listings for single-family homes decreased by 24% year over year to 2,944.
  • Neighborhoods with the highest year-over-year increases in median sales price: Hallandale (653%), Dania Beach (51%), and Pompano Beach (26%).