"Miami experienced a significant uptick in active listings in December, boasting a 13.4% increase compared to the previous year with 7,656 homes available on the market. This surge outshined the national growth rate of 12.1%, marking an exciting shift in Miami's real estate scene. Despite a 13.1% decrease in new listings, the overall inventory rise signaled a promising opportunity for buyers eager to explore a broader array of choices."
"December saw the median listing price in Miami decrease by 3.8% year-over-year to $635,000, a contrast to the modest national decline of 0.6%. The slight dip in price reductions, down by 0.04 percentage points to 11.6%, highlighted sellers' strategic responses to evolving market dynamics, offering buyers enticing opportunities for negotiation. During December, homes in Miami spent more time on the market, with median days increasing by 14.8% from the previous year to 89 days."
"This exceeded the national median of 73 days, which rose by 5%. The extended market presence, combined with increasing inventory, underscored an exciting opportunity for buyers to thoroughly explore and make informed decisions. For Miami's buyers, December's increased inventory and strategic price adjustments opened doors to a wider selection and potential for advantageous deals. Sellers faced a dynamic landscape that encouraged innovative pricing strategies and patience."
Active listings in Miami rose 13.4% year-over-year in December to 7,656 homes, outpacing the national growth rate of 12.1%. New listings fell 13.1%, but total inventory growth expanded buyer choice. The median listing price declined 3.8% to $635,000, compared with a 0.6% national decrease, while price reductions edged down to 11.6%. Homes spent a median 89 days on market, up 14.8% year-over-year and above the national 73 days (up 5%). Increased inventory, longer market times, and strategic seller pricing created negotiation opportunities for buyers and required patience and innovation from sellers.
Read at SFGATE
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