Miami's Upper East Side Condo Market Has 12 Months Of Resale Supply Listed
A review of the latest condo statistics shows the average asking price in Miami's Upper East Side market is about $575 per square foot.
We have crunched the statistics for the Year 2023 and plan on publishing a series of of reports during the next two weeks looking at the winners and losers in the secondary Miami-Dade County markets of Aventura, North Miami, Miami’s Upper East Side, North Bay Village, Miami’s Little Havana, Coral Gables and Miami’s Coconut Grove. If you want the reports emailed to you, just sign up for the Miami Condo Market Intelligence Report With Peter Zalewski™ newsletter at: PeterZalewski.substack.com
Miami’s Upper East Side is in a buyers market for condos with about 12 months of supply currently listed for sale near the end of the South Florida Winter Buying Season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
Miami’s Upper East Side is defined for this report as an area stretching from the Intracoastal Waterway west to Interstate 95, and Northeast/ Northwest 87th Street south to the Julia Tuttle Causeway. The submarkets of the Miami Design District, Little Haiti and Little River are all located in Miami’s Upper East Side.
In the 12 months of 2023, buyers purchased an average of nearly eight units per month for a total of about 93 units between January and December.
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Based on the current active listings in the Multiple Listing Service – a database used by Realtors to market condos – the Miami Upper East Side area is in a buyers market with a supply of about 94 units available for purchase.
Generally, six months of supply is considered equilibrium for the housing market. Less months indicates a sellers market and more months points to a buyers market from a negotiating perspective.
This is an about-face from the sellers market of the pandemic years when a plethora of work-from-home employees relocated to South Florida from places such as California, Illinois and New York. The influx of transplants to South Florida bought up or leased out much of the available housing supply, which increased prices and triggered new development.
Rising property values from strong demand, skyrocketing insurance prices following the Surfside condo collapse disaster and high interest rates from a series of hikes by the Federal Reserve brought the South Florida housing market to a standstill in the second half of 2023.
Industry watchers are at odds as to the direction of the South Florida housing market in 2024. Bullish investors are predicting housing demand will reignite once interest rates begin to fall. Bearish investors contend that home prices are too high and likely to collapse in the months ahead.