What’s the market doing?

The Miami Market, as we enter into the “slow season.” It is very evident that the housing market has cooled down a bit. When I check the MLS every morning, for the last 14 days I have seen a steady decrease in listing prices and often homes being reduced in price. I am seeing this across the board from the highest end of the market to right around homes for $5M. The market for renovated, fixer upper, or quote on quote good deals is still very strong with a lot of market activity off of Miami Beach.

But, in Miami Fashion, two homes were recently listed for $170M and $100M as well as a monster trade for $90M took place. This segment of the market is still strong as buyers are valuing land and water frontage more than anything.

The rental market has come down as well but that does not mean the demand is not there. I recently lost out on two rental units that were asking $6,000 and $10,000 per month. They were not over priced, actually a good deal in today’s climate, and I was unable to secure them for my clients as the landlords were not open to negotiating and before they knew it, the units were rented at over asking price. The demand is still extremely strong but overpriced listings will sit for longer than we have seen in the last 6-10 months.

 

For the first time since the pandemic, international travel is more accessible to Americans, which in my opinion is a major contributing factor coming into the slow season, let alone the turmoil the financial markets have been experiencing the last few weeks.

As this pattern for the summer cool down is nothing new, it will be EXTREMELY interesting to see what happens come Q3 and Q4 when Miami is back in full swing.

If you or anyone you know may be interested in the Miami market, give me a call.