Listing prices down in Miami? Any idea why?

[Daniel Abt]

Hi everyone,

I frequently see listing prices of all kinds of properties (single family, multi-family, condos) down by double digit percents (according to realtor.com information and this trend started way before the pandemic) and I wonder what the reason for that could be.

Does anyone have an idea or knowledge of the Miami market?
For example, I find that a lot of properties have been listed for one price in 2017 and then relisted multiple times with decreasing asking prices to a point where they are now sometimes 30% below the last purchase price.

Any insights are greatly appreciated!

Thanks!

[Malgorzata Sadowska]

I list a lot in Miami & when I do comperables (for sellers / buyers) often see overpriced properties. When the agent and / or seller's motivation changes, the prices follows. Real estate is a huge economic driver down here so people sometimes list to "test the market". Some agents will take overpriced listings (for a variety of reasons). Now, our market is actually up. Not sure what properties, price ranges, locations (etc.) you are viewing AND I can tell you that our market (like in most of the country) has heated up significantly following the March-April lock down. Happy to elaborate further.