In Miami-Dade County's affluent zip code 33156, encompassing luxury neighborhoods like Pinecrest, Coral Gables, Dadeland, Gables by the Sea, and part of Kendall, 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 review the data.
Single-Family Homes: Closed Sales Real Estate Market Summary
Closed Sales: During this period, there were 117 closed sales of single-family homes, marking a 17% increase compared to the previous year. This 17% increase signifies a robust demand for single-family homes within zip code 33156. This heightened activity suggests that more buyers are entering the market, eager to invest in properties in this desirable area.
Average Sales Price: The average sales price rose by 3.8% to $3,844,640, suggesting that homes sold obtained higher prices. The rise in the average sales price often signals increased confidence among buyers and a strong demand for properties in the area.
Higher prices indicate that buyers are willing to pay more for homes, which can be attributed to the desirability of the neighborhoods within 33156. These areas are known for their luxury homes, excellent schools, and proximity to key amenities, making them attractive to affluent buyers.
Active Inventory: The 12% increase in active inventory, with 160 homes for sale in May 2024 compared to the same time last year, means more choices and negotiation power for buyers, as well as reduced urgency in making decisions.
For sellers, it signifies increased competition, longer time on the market, the need for strategic pricing, and the importance of excellent presentation. Both buyers and sellers must adapt to this more balanced market by working with knowledgeable real estate agents to navigate these changes effectively.
Months Supply of Inventory for Single-Family Homes: The months of inventory for single-family homes in zip code 33156 went from 6.4 months in 2023 to 7.4 months in 2024.
This increase indicates a shift towards a more balanced market, with a slight tilt in favor of buyers. In a balanced market (6-8 months of inventory), neither buyers nor sellers have a distinct advantage. This stability leads to more moderate listing times and prices. For buyers, this means more options and better negotiation power. For sellers, it requires competitive pricing and excellent property presentation to stand out in the increased inventory landscape.
Townhomes and Condos: Closed Sales Real Estate Market Summary
Closed Sales: The 48 closed sales of townhomes and condos in zip code 33156 from May 2023 to May 2024, representing a -17% decrease from the previous year, indicate a significant reduction in market activity. There were fewer transactions compared to the previous year, reflecting a slowdown in buyer interest or market conditions.
Median Sales Price: The median sales price for townhomes and condos in zip code 33156 increased by 14%, reaching $453,969. This rise indicates higher property values, reflecting stronger demand and higher quality units despite decreased sales activity.
For buyers, this means being prepared for higher prices when seeking quality properties, while sellers can benefit from the strong demand by maintaining and competitively pricing their units. This trend underscores the ongoing desirability of townhomes and condos in this affluent area, even with changing market conditions.
Active Inventory: The active inventory of townhomes and condos in zip code 33156 saw a 60% increase, reaching 45 units for sale.
This rise could be due to more owners listing their properties or slower sales rates. For buyers, this means a broader selection and potentially better deals. Sellers, however, face increased competition and need to price strategically and present their properties well to attract buyers. This highlights the importance of understanding market dynamics and working with experienced real estate professionals to navigate these changes effectively.
Months Supply of Inventory for Townhomes and Condos: The months of inventory supply for townhomes and condos in zip code 33156 increased dramatically from 1.8 months in 2023 to 5.2 months in 2024.
This substantial increase indicates a shift towards a more balanced or even a buyer's market, where the number of available properties exceeds the current demand. As a result, sellers might experience longer listing times and may need to be more competitive with pricing and property presentation to attract buyers.
For buyers, this increase in inventory means more options and potentially better negotiating power as the market adjusts to the higher supply. This trend underscores the importance for both buyers and sellers to stay informed and agile, leveraging the expertise of real estate professionals to navigate the evolving market dynamics effectively.
What Does This Mean for Buyers and Sellers?
The aforementioned data highlights a dynamic and evolving real estate market in zip code 33156.
For buyers, the increased inventory and balanced market conditions present an opportunity to explore more options and negotiate better deals. The rise in prices for both single-family homes and condos indicates that the area remains highly desirable, but the higher inventory levels suggest that buyers can take a bit more time to make informed decisions.
For sellers, the market's increased inventory means more competition. This requires strategic pricing and exceptional property presentation to attract potential buyers. The slight favor towards buyers in the single-family home market and the significant increase in townhome and condo inventory emphasize the need for sellers to be competitive and realistic about pricing.
In conclusion, whether you are a buyer or a seller in the 33156 zip code, staying informed about market trends is crucial. Working with knowledgeable real estate professionals can provide the insights and strategies needed to navigate this ever-changing landscape successfully. This affluent area continues to attract interest, and understanding these shifts will help you make the best decisions for your real estate needs.
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.