New Listings and Inventory

In the week ending August 28, South Florida saw 1,866 new listings, a noticeable drop from the previous week's 2,834. Among these, there were 287 new listings priced over $1 million and 126 over $2 million. This decrease in new listings could suggest a tightening of inventory, which may affect both potential buyers and current sellers.

Despite the drop in new entries, the total active inventory saw a slight increase, up by 2% from last week, reaching 51,905 listings. Of these, 10,150 are priced at over $1 million. Notably, the neighborhoods with the most new listings were Altamira with seven, Breezewood with six, and PROGRESSO with five.

Price Adjustments

Price reductions were a significant trend this past week, with 8,432 adjustments recorded. Of these, 1,351 were on properties listed at over $1 million. This level of price reduction activity might indicate sellers' willingness to negotiate or adjust expectations to meet current market conditions. This could be an opportunity for buyers to find value as they navigate their options.

Contract Activity and Closed Sales

Currently, there are 11,743 homes under contract, with 2,011 of these contracts on homes priced over $1 million. The number of sales closed in the past week was 710, including 118 homes selling for over $1 million. The median closed price stood at $482,500.

For active $1M+ listings, the median days on market is 86, suggesting a moderate pace of sales for high-end properties. This information is vital for potential buyers and sellers, particularly in the luxury segment, as it provides insights into how long properties are staying available.

Implications for Out-of-State Buyers

For buyers observing from out of state, these figures from the MIAMI REALTORS® MLS indicate that while the number of new listings has decreased, the market still offers a range of opportunities, particularly with the high number of price reductions. A slightly increased inventory suggests more options, yet the reduced influx of new listings could mean competition remains steady for desirable properties.

What Buyers Should Do This Week

Given the current market dynamics, out-of-state buyers should consider monitoring price reductions closely and act quickly on properties that meet their criteria. With active listings experiencing price adjustments, it could be an opportune time to negotiate. Keep an eye on the neighborhoods seeing the most new activity, like Altamira and Breezewood, for potential emerging opportunities.