MIAMI BEACH Q1 2023

Most Florida markets we cover are seeing:

• A chronic shortage of listings that, even with the gains in some markets this year, supply remains far short of pre-pandemic conditions.

• Sales have declined sharply below the frenzied elevated sales levels of 2021 and early 2022 and also below pre-pandemic levels due to higher mortgage rates and anemic listing inventory gains from record lows.

• Price trend indicators continue to rise in most markets, but at a lower annual rate than a few quarters ago, as the lack of listing inventory provided a firm footing under prices.

• Bidding wars continue to occur because of low supply, but at a lower level than was seen during the boom era of the prior several years.

• Months of supply, otherwise known as the pace of the market, has slowed from the frenzied period of unusually low mortgage rates but generally remains faster than long-term trends.

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