MIAMI BEACH Q2 2023

Most Florida markets we cover are seeing:

• Sales remain below the year-ago frenzy that characterized the pandemic-era housing boom, but most markets experienced a robust, greater-than-seasonal quarterly increase.

• Despite fewer sales, listing inventory has been slow to recover with modest gains, yet remaining at half the levels seen pre-pandemic.

• The supply shortage has continued to provide a firm underpinning for prices. Many markets experienced stable to rising prices, and those that declined tended to experience a shift to a smaller average size.

• Besides firmer pricing, bidding wars remained prevalent, accounting for five to fifteen percent of all sales in many markets analyzed.

• The pace of the market, also known as months of supply, remained slower than the year-ago frenzy but accelerated again in the new year.

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