Number of Homes for Sale in Miami Up from Last Year, but Below Pre-Pandemic Years

The biggest challenge in the housing market right now, and likely for years to come, is how few homes there are for sale compared to the number of people who want to buy. That’s why, if you’re thinking about selling your house, this is a great time to do so. Your house would be welcome in a market that has fewer homes for sale than it did in the years leading up to the pandemic.

According to the latest Monthly Housing Market Trends Report from realtor.com:

“There were 65.5% more homes for sale in January compared to the same time in 2022. This means that there were 248,000 more homes available to buy this past month compared to one year ago. While the number of homes for sale is increasing, it is still 43.2% lower than it was before the pandemic in 2017 to 2019. This means that there are still fewer homes available to buy on a typical day than there were a few years ago.”

The graph below shows how today’s inventory of homes for sale compares to recent years:

What Does This Mean for You?

Fewer homes for sale means buyers have fewer choices than they did prior to the pandemic—and that frustration is leading some to give up on the homebuying process altogether. But with mortgage rates sitting lower than they were at the peak last fall, more buyers are willing to come back into the process—they just need to find homes to buy. This is welcome activity for the spring market, especially if you’re thinking of selling your house.

With a renewed interest in buying a home for many, the New York Times (NYT) reports:

“Home buyers are edging back into the market after being sidelined last year . . .”

So, if you want to take advantage of a sweet spot in the market, this spring could be your shot.

About Miami, FL real estate market

There are 2,767 homes are for sale in Miami, FL. In January 2023 in Miami, FL there were 10% more homes for sale than in December 2022. In January 2023, listings were on the market for 76 days. During the same period, the median list price in this real estate market was $580,423. From December 2022 through January 2023, the following changes in listing prices were observed in this housing market: the cost of 1 bedroom properties went up by 35.3%, prices of 2 bedrooms properties increased by 30.3%, 3 bedrooms properties became 18.6% more expensive, the cost of 4 bedrooms properties went up by 13.8%, prices of 5 bedrooms properties decreased by 39.6%. This housing market inventory have changed: 1 bedroom homes inventory increased by 9%, 2 bedrooms homes inventory increased by 11.2%, the quantity of 3 bedrooms homes went up by 10.8%, 4 bedrooms homes became 10.6% more available, 5 bedrooms homes became 3.2% more available. Miami, FL housing market in January 2023 saw over 7 listings sold above listed price, more than 14 sold at listed price and over 147 sold below.

Bottom Line

The housing market needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, now’s the time for us to connect and get ready for you to make a move this spring.