October 2017 South Miami Real Estate Market Snapshot

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*These preliminary numbers only cover the city of South Miami and are not reflective of Miami-Dade as a whole. All reports are published October 2017, based on data available at the end of September 2017. This representation is based in whole or in part on data supplied by the Realtor Association of Miami, the Greater Fort Lauderdale Realtors, or the Southeast Florida Multiple Listing Service (MLS). Neither the Associations nor their MLS guarantees, or are in any way responsible for its accuracy. Data maintained by the Associations or their MLS may not reflect all real estate activity in the market. This statistical information is produced by and for the exclusive use of EWM Realty International. Report reflects activity by all Brokers participating in the MLS.

The Bottom Line:

With months of inventory based on closed sales hovering above 9 months, October 2017 was a Buyer’s market* in South Miami.

 

Home For Sale in October 2017: 75 units.
Up 2.7% compared to last month
Up 7.1% compared to last year

 

Home Listed in October 2017: 9 units.
Up 28.6% compared to last month
Down 55% compared to last year

 

Home Closed in October 2017: 8 units.
Down 11.1% compared to last month
Down 38.5% compared to last year

 

Home Placed under Contract in October 2017: 5 units.
Down 44.4% compared to last month
Down 44.4% compared to last year

 

Average Median Sold Price in October 2017: $621,000
Down 3.4% compared to last month
Up 38% compared to last year

 

Average Days on Market in October 2017: 127
Up 111.7% compared to last month
Up 111.7% compared to last year

 

*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales


The transition from Summer to Winter can have many different affects on the local home buying and selling process. It is a critical time to choose the right Realtor® who can safely guide you through the ups-and-downs of any real estate market. Monica Betancourt resides in South Miami and understands what makes this city such a wonderful place to live. With an incredible team behind her and the right tools and data in hand, she knows what it takes to buy or sell a home in South Miami.

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