The Miami Beach housing market showed more overall sales activity with a lower rate of inventory growth and a shift towards larger luxury units. There were 1,025 sales in the quarter, up 10.7% from the year-ago quarter. Miami Beach Condo sales showed higher sales growth with an expansion of market share of 3, 4 and 5-bedroom units as well as an 8.6% rise in average sales square footage.
Although listing inventory of Miami Beach condos for sale has been rising for more than four years, the rate of growth has eased considerably in past year. Overall inventory growth was 3.9% to 6,319 listings over the same period. The combination of rising sales and falling supply resulted in a slightly faster market pace. The absorption rate, the number of months to sell all inventory at the current rate of sales, was 6.1% faster, falling to 18.5 months from 19.7 months in the
year-ago quarter. Days on market, the number of days from the last price change, to the contract date, rose 6.5% to 148 days. Overall median sales price rose 7% to $438,000, and the average sales price jumped 15.8% to $1,098,024 respectively from the prior-year quarter. The significant gain in average sales price illustrates the shift to more substantial sized sales across the market.
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