How's the market in Miami, FL as of May 2021

MEDIAN and AVERAGE SALES PRICE:

From January 2021 to May 2021 the median sales price in the Miami-Dade area was $465,000, this number represents a 1.08% decrease from the previous month, in April 2021 the median price was $470,000. However, the median price of May 2021 was 23.66% higher than May 2020, where the median price was $355,000. The average sales price in May 2021 was $973,085, this is 1.20% lower from $984,800 from the previous month and 49.63% higher from $490,264 year over year. 2021 has been the highest compared to 2019 and 2020.

THE SALES/PRICE RATIO:

The sales/price list ratio was 98% this last month. This ratio is acquired by diving the average sales price by the average list price. If it is above 100% means that houses are sold at above asking price. The sales/price ratio in April '21 was 97% and 94% in May 2020.

HOUSES SOLD:

There were 1,482 houses sold in May, this represents a 30.23% decrease from the previous month at 1,930 houses sold; although the number of houses sold year over year has increased by 34.41%, in may 2020 the number of houses sold was 972. This correlates with the number of properties for sale in may was 3,286, which is 18.75% down from 3,902 from April '21 and 141.17% lower than May 2020.

NEW LISTINGS:

The number of new listings in May 2021 was 2,326 this represents a 2.24% increase from April 2021 and 16.51% higher than 1,942 in May 2020.

The average sales price per square foot in May 2021 was $305, this is a 2.95% increase from $296 per square foot the previous month and 32.79% year over year at $205 per square foot in May 2020.

AVERAGE DAYS ON MARKET:

The average days on market (DOM) IN may '21 was 55 days, this represent a 12.73% decrease from 62 days in April '21. DOM is the number of days a house is out in the market before it sells.

The market is slowly bouncing back to normal.

CONCLUSION:

Homes are being sold at a higher rate, therefore creating more competition and more availability for buyers. This in turn, gives more confidence to buyers to have more options and not so much competition with other buyers. Right now we are seeing situations of multiple offers making the buying process very stressful and difficult for buyers. We are currently in a sellers market and that means the sellers have the upper hand. The low inventory and low interest rates have buyers thirsty to buy sooner rather than later but sellers are reluctant to put their house on the market due to the uncertainty of the future and the economic health of the country. However, as the times are now going back to normal, more people being vaccinated, restrictions being lifted, people are being more optimistic and flexible as to sale their homes.

Miami has been a light in the shadows for many this year and more and more people are wanting to move to this wonderful city that is also a big factor in the market. Many people are moving from out of State, like New York and New Jersey, the real estate in these States are notoriously high, therefore when people from these areas are working remotely and looking for a place to live, Miami makes perfect sense, the prices are lower and the amenities are endless.

We will see what happens next month if in fact the market is starting to normalize again.

Keep checking for updates in the market and what's happening in your area.

Median sales price vs Average sales price.

Number of Houses sold