Miami Beach

In Miami Beach, prices have been increasing for years, as it’s a hot spot for both international buyers and tourism, but in Q3 2015, the area’s pace of appreciation slowed.

In the overall market, median prices slipped a slight 0.4 percent to a still relatively high $403,500. Despite the drop, days on market shrunk from 56 to 53, which highlights a continuing strong demand, especially considering the 14.4 percent increase in inventory.

On the luxury side of the market, condos and townhouses, as was the case in the Miami Coastal Mainland, took a tumble, with median sales price declining 8.3 percent – though, prices were still significant at $2.2 million.

The decrease in price is likely the result of over saturation in the market. Year-over-year, listing inventory jumped nearly 40 percent.

The year’s third quarter was much more positive for the single-family side of Miami Beach’s luxury market, where median prices climbed 32.3 percent from the same quarter last year. However, with inventory remaining unchanged at only 118 units, and days on market dropping from 57 to 43, the increase could be more a reflection of lacking options than truly strong demand.