"Miami's median list price fell 3.1% year-over-year to $630,000 in February, outpacing the national dip of 2.1%. That's still 56% above the national median of $403,450."
"Homes took 87 days to sell in February - nearly a month longer than the national median of 70 days. For buyers right now, weeks on market means negotiating leverage."
"Active listings rose 3.7% year-over-year to 7,578 homes, yet that trailed the national gain of 7.9%. More telling: new listings dropped 11.9% compared to last February."
Miami's real estate market is experiencing a slowdown, with prices decreasing and homes taking longer to sell. Active listings increased by 3.7% year-over-year, but new listings dropped by 11.9%. The median list price fell to $630,000, still significantly above the national median. Homes are sitting on the market for an average of 87 days, which is longer than the national average. Buyers have more options and negotiating power, while sellers need to be disciplined with pricing to attract buyers.
Read at SFGATE
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