Real Estate Market Report - Miami, FL (Nov, 2023)

The median sale price for homes in the area has consistently been higher than the median list price throughout the period, with a difference of around $100,000. The median sale price peaked in June 2023 at $630,000, while the lowest sale price was recorded in April 2023 at $590,000. The median list price, on the other hand, peaked in May 2023 at $541,250 and reached its lowest point in December 2022 at $475,000 before gradually increasing again.

The median sale price per square foot has been fluctuating from $351.45 in December 2022 to $387.477 in October 2023 with a steady increase overall. The highest peak was seen in June 2023 with a median sale price per square foot of $389.854.

The median sale price to list price ratio is expected to remain relatively stable over the next year, with a slight dip in early 2023 before increasing again towards the end of the year. The ratio is predicted to be highest in September 2023, at 0.981, and lowest in January 2023, at 0.967.

The first set of data shows that the number of properties sold/listed remained relatively steady from November 2022 to April 2023, with a slight increase in May and June, and a significant increase in August and September. The second set of data shows a decrease in the number of properties listed from February to June, with a slight increase in July and August, and a decrease again in September and October.

The median days on market for homes in the given area in November 2022 was 29, which increased to 33 in December 2022. It peaked at 42.5 in January 2023 and then gradually decreased to 28 by July 2023. From August 2023 to October 2023, the median days on market remained constant at 28.