ONE Sotheby’s International Realty (an agency specializing in luxury real estate) is summarizing the results of the previous year in a recently published report.
The growing mortgage rates and the wavering consumer confidence led to a reduction of house sales in Florida last November, particularly properties worth under $500,000.
For instance, sales of single-family houses in Miami-Dade County dropped by 39% and condominiums, by 43% compared to last November. The average price of the first property type reduced by $13,000, down to $902,338 and the second type of property actually became slightly more expensive (from $532,131 in November 2021 to $638,818 in 2022). The latter indicator became a record for Florida’s east coast.
4,293 single-family houses and 6,775 condominiums were sold in Miami-Dade County in November 2022. The supply of both property types grew by 4% compared to the previous month. 686 single-family homes and 1,020 condos were sold (39% and 43% less, respectively, than in 2021).
Sales of luxury properties in Miami Beach plummeted, with only 10 such homes sold in November 2022 (71% less than a year before), while the average sales price increased by 14%. Condominium sales also dropped by 43%, but their average price grew by 12% and the cost per square foot, by 13%.
Despite a slight decline in sales, the median price of single-family houses reached $555,000 and condominiums, $395,000 last November, which is 9% and 13% more, respectively, than a year previously. The cost per square foot increased by 7% compared to 2021 in the case of single-family houses and by 9%, in the case of condos.
As for upscale homes in Miami Beach, their average price reached almost $5.6 million last November, a 14% rise compared to the same period in 2021. The cost per square foot also rose to $1,595.
Condominium sales in Miami Beach showed a slightly better performance. Their average selling price was $973,774 in November, i.e. 12% more than a year ago, while the cost per square foot ($697) increased by 13%. It took 77 days on average to sell a condominium.