October 2022: Miami Real Estate Market Report
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Alright let's get to it:
so Wall Street is saying: U.S. housing market to see the second-biggest home price decline since the Great Depression

National home price declines are uncommon, but it does occur on occasion. It happened in the early 1980s, then again in the early 1990s, and most notably in the years following the 2008 housing crash.


Morgan Stanley is calling for a 7% drop in US housing market by the end of 2023

Goldman Sachs is calling for a 5% to a 10% drop for 2023

Moody's Analytics is calling for a 5% - 10% drop
as well.

How does that compare to the real estate crash between 2006 and 2012? From peak to trough the crash represented a 27% decline.

So what about the Miami Real Estate Market?
We have already seen a 1% drop in prices in august and another 1% drop in prices in September. We are trending slightly down but keep in mind. Prices were up over 40% over the past 2 years. --

So the billion-dollar question is: Where is the housing market headed? It depends on supply and demand. If we see more inventory come onto the market and stay on the market, prices will decrease.

Currently, we are sitting at about 3.5 months of inventory in the Miami Market.



What we are really seeing is a pullback from buyers and a slow but steady increase in inventory. We are almost at a balanced market now in Miami.

What does that mean for buyers and sellers?

Meaning that buyers who can afford to buy in Miami can take a little more time to choose the best options. Developers are offering more incentives to buyers and realtors that bring.

For sellers, the days of pricing properties above recent comps and getting cash above appraisal value is behind us.

Now homes are trading within a range again. This will slowly open up more opportunities for first-time home buyers and Va home loans which were very rare in the last 2 years.

The median price for a single-family home is $550k
and the median price for a condo is $335k.


jake fletcher david siddons group kendall miami miami real estate 2022

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