Miami Beach Waterfront Homes – Q1 2020 Real Estate ReportApril 15, 2020
Miami Beach Waterfront Homes
Miami Beach waterfront home price trend indicators were the most affected by the health crisis and shutdowns this quarter. Median sales prices are down by 55.8% from last quarter, and the average sales price posted a 41.7% drop. Having anticipated a less attractive resale market, 11% more sellers chose to hold o listing their homes. Average listing discounts increased by 2% compared to last quarter. Over the past two to three years, spec-home developers saw significantly lower margins due to land value increases and more spec home inventory available. With a major drop in demand, we expect luxury home builders to become particularly active in the coming months by taking advantage of lower prices to buy prime land for development.