In Miami-Dade County's thriving zip code 33143, encompassing luxury neighborhoods like Coco Plum, Dadeland, Glenvar Heights, High Pines, Kings Creek, Ponce-Davis, and South Miami, the real estate market has experienced notable shifts from May 2023 to May 2024.
This period has brought significant changes for single-family homes, townhomes, and condos, reflecting the ever-evolving nature of this sought-after area. Whether you're a buyer or seller, understanding these market trends is crucial for making informed decisions in this desirable part of Miami.
Let's break it down.
Single-Family Homes: Closed Sales Real Estate Market Summary
Closed Sales: During this period, there were 78 closed sales of single-family homes. This marks a slight decrease of 2.5% compared to the previous year.
Average Sales Price: The average sales price rose by 45% to 3,091992. This suggests that while fewer homes were sold, those that were sold fetched higher prices.
Active Inventory: The active inventory of single-family homes increased by 21%. There are now 87 homes available for sale.
Months Inventory Supply: In 2023, there were 4.1 months of inventory and in May In 2024, the months of inventory supply increased to 6.9 months.This indicates a significant increase in the supply of homes on the market, suggesting that single family houses are staying on the market longer and there is more choice available for buyers.
Townhomes and Condos: Closed Sales Real Estate Market Summary
Closed Sales: There were 52 closed sales of townhomes and condos in zip code 33143. This represents a 3.7% decrease from the previous year, indicating a slight reduction in market activity.
Average Sales Price: The median sales price for townhomes and condos increased by 6.9%, reaching $398,585. This rise in median price suggests that the properties being sold are commanding higher values, reflecting a stronger demand or higher quality of the units sold.
Active Inventory: The active inventory of townhomes and condos experienced a massive 120% increase. This brought the total number of units for sale to 37. The significant rise in inventory indicates a substantial increase in supply, which could be due to more owners listing their properties or a slower rate of sales, leading to more available units on the market.
Months Inventory Supply: The months of inventory supply increased from 1.1 months in 2023 to 4.6 months in 2024, highlighting a significant increase in the duration properties stay on the market.
What
Does This Mean for Buyers and Sellers?
For Buyers
Single-Family Homes: Expect more choices and potentially better deals as the inventory increases, with homes staying on the market longer. The higher median price indicates a competitive market for well-priced homes.
Townhomes and Condos: With a significant increase in active inventory and months of supply, buyers will have more options and potentially more bargaining power. The rising median price reflects the demand for quality units, so buyers should be prepared to act quickly on desirable properties.
For Sellers
Single-Family Homes: Sellers may need to be prepared for longer listing times due to the increased inventory. However, the higher median sales price indicates strong demand for well-priced homes, making it essential to price competitively and present properties attractively.
Townhomes and Condos: With a significant rise in inventory and months of supply, sellers might face more competition. Pricing competitively and ensuring properties are in top condition will be key to attracting buyers. The increase in median sales price suggests that quality units are still in demand, so presenting your property well can lead to successful sales.
As
we've explored the diverse landscape of the real estate market in zip code
33143, encompassing areas like South Miami, Dadeland, Glenvar Heights, and
Kings Creek, it's clear that both buyers and sellers need to stay informed and
agile in today's dynamic environment.
The
shifts noted from May 2023 to May 2024 indicate a market that's evolving, with
variations in inventory levels and pricing trends that can significantly
influence decision-making processes.
For
buyers, this is an opportune time to leverage the increased inventory to find
properties that truly meet your needs and negotiate from a position of
strength. Your ability to secure a home that fits your criteria and budget has
improved, particularly with strategic guidance and insight into specific
neighborhood trends.
Sellers,
on the other hand, will find success by understanding these market dynamics and
positioning their properties accordingly. The data shows that despite increased
competition, well-positioned and competitively priced homes continue to attract
serious interest. It's essential to work with a real estate professional who
can help navigate these waters—ensuring your property is showcased effectively
and priced to meet the market where it stands.
In
both cases, partnering with a knowledgeable real estate agent who understands
the nuances of 33143's neighborhoods will be your key to success. Whether
you're looking to buy a dream home or sell your property at the best possible
price, informed decisions based on current market data will drive your success
in this vibrant and ever-changing market landscape.
About the Author: Liz Kenneally is a seasoned real estate agent in Miami with extensive experience in the city's dynamic market. Specializing in coveted neighborhoods such as Coral Gables, Dadeland, Continental Park, East Kendall, Palmetto Bay, Pinecrest, South Miami, and The Falls, Liz ensures smooth transactions for her diverse clientele. Fluent in both English and Spanish, she can be contacted at 786-423-3348 or through the EMAIL AGENT form provided alongside this blog.