There are several parts of that question. The Florida Realtors provide a monthly official report, analyzing
the previous month’s data provided on the Multiple Listing Service (MLS) by counties. Please see a few
factors of the January report. (The February report is coming soon, see info on our Facebook and
LinkedIn)

• – What was the Median Sales Price? In case of single-family homes, the median sales price was
  $630,000 which is 15.6% higher than it was a year earlier, in 2023 January, $610,000.
  Condos and townhouses: there was only a slight change from last January, a 1.4% year-over-year
  change. This year the median sales price was $405,750, last January was $400,000 for condos
  and townhouses in Miami-Dade County.
  Important: this is not the average price! There are large discrepancies in property values in
  Miami-Dade County. The small number of properties with a higher price are raising the average
  prices, (namely the 20-40 million dollar ocean and waterfront houses, mansions and other
  luxury residences).
• – Thus, the average prices are much higher in a county than the Median Sales Price. The average
  sales price in January 2023 of single-family-homes was $1,206,990 compared to the 2023.
  December $907,066. The condos and townhouses: $735,325 this January, aŌer the Dec.
  $642,700.
• – Cash Sales is another significant data of the market- especially for investors! In January, 30.7% of
  the single-family-homes were purchased by cash which was 7.2% more than last January, a
  28.7%. Investors more likely to have the funds and able to purchase a home up front than a
  typical homebuyer requiring financing. Looking at the condos and townhouses, the cash
  purchase is even higher! This January 52.5%, and in Dec. 2023 it was 49.5% based on properties
  shown on MLS.
• – Inventory: the number of properties for sale and also the “Month Supply of Inventory”. From
  2023 November there are more than 4 months of supply of single-family-homes in Miami-Dade,
  so there are more properties available to choose from. Also, the Sellers still wait for the asking
  price, so takes longer now to sell at higher price. Notable, that during the pandemic, there were
  less than six-month inventory for many consecutive months and many locations. That created
  the seller’s market.
• – Another important fact is to analyze the market, the time needed to have a property for sale
  under contract and then close.