The market closed out the year with a surge in sales volume, rising prices, and sharply falling listing inventory, with numbers that suggest that the overall market has returned to price parity with pre-pandemic conditions. But let’s keep in mind that the pre-pandemic price levels were still below the previous peak of the market reached in 2015/2016.
There were over 3,500 sales in the 4th quarter of 2021, a record breaking number of transactions and 23% higher than a “standard” 4th quarter.
Median sales price reached $1,165,000, up year over year by 11% and up 16.6% from the same period two years ago. While the average sales price showed a similar pattern, rising 4.3% annually to $1,948,603 and increasing 7.3% from the same period in 2019.
Listing discount, the percentage difference between the list price at the time of sale and the sales price, was 5.9%, down from the 7% listing discount in the year-ago quarter.
Now, sellers, pay attention to the following data:
159 was the average days that it took to sell an apartment in the 4th Q, up 30.3% compared to last year. However, listings that were priced correctly and required no price adjustment sold within an average of 79 days, while listings that did require price adjustments took an average of 182 days.
Listings that required more than one price adjustment ended up selling at a discount between 12% and 16%. In many cases, after being perceived as a stale product by the buyers.
It is key that your real estate agent understands the market and can position your property for success.
Especially at a time when Listing inventory fell by its most significant annual rate in seven years, down 25%, and with the largest market share of bidding wars since early 2018: don’t miss the opportunity to capitalize to the maximum of your possibilities.
The intersection of sharply rising sales and falling listing inventory from the year-ago quarter resulted in a blistering market pace. The months of supply, the number of months to sell all listing inventory at the current sales rate, plunged 62.8% to the fastest moving market in six years.
In a tightening market, the rise in average marketing time resulted from older listings being sold after accumulating in the 2020 market stall.
Deal to Build Miami Freedom Park Finalized.
The developers of Miami Freedom Park say they have finalized negotiations with the city to build a $1 billion complex and expect commissioners to approve the deal shortly. The project will include a soccer stadium, offices, hotel, shopping mall and parking garages.
Mayor Francis Suarez told the paper that the city has now reached an agreement in principle with the project’s developers. To obtain control of the green space currently owned by the city, the developers will relocate their soccer team here for at least 30 years and promise to use the name “Miami” in the team name.
The developers will pay $20 million towards improvements of the adjacent park and $5 million toward the riverwalk and baywalk (to be paid in installments). They will also pay for soil remediation at the project site.
Jorge Mas, the group’s managing partner, claimed he could break ground in Fall 2022, with completion in late 2024.