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September 2017 South Miami Real Estate Market Snapshot

*These numbers only cover the city of South Miami and are not reflective of Miami-Dade as a whole.

The Bottom Line:
The month of September was definitely an eventful one with the effects of Hurricane Irma at our doorstep. It interrupted everyone’s activities for a couple of weeks, and although disruptive – was not destructive for the city of South Miami. That being said, September figures were incomplete due to disruptions cause by Hurricane Irma. This is shown in the South Miami real estate statistical numbers for September that were apparently impacted as some closing were delayed due to power outages, and damage from the storm that had some homeowners put off listing there homes for a little while. Examples of Irma’s effects can be seen in the drastic 72% decrease in the number of new listings hitting the South Miami market in September of this year relative to last year, and a 60% decrease relative to the month before, August of 2017. Likewise, total homes under contract in September was down nearly 42%. Not surprising, the median sales price of homes in South Miami are still up from last year.

Everyday life is getting back to normal for most South Florida residents, and the numbers for the month of October should reflect, yet again, a vibrant real estate market. 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.