Miami Beach, FL housing market

Here's the number that tells Miami Beach's story this June: a hundred and one days. That's how long the typical home sits before selling, over three months on the market. And buyers have plenty to pick through, with about two thousand five hundred homes for sale and only around 320 new listings arriving. Even so, most sellers aren't budging. Only about 9 percent of listings have taken a price cut, even though the typical home value is about six hundred eighty-eight thousand dollars, down just under 1 percent over the past year. The median asking price sits near seven hundred eighty-one thousand dollars, well above what homes are actually valued at. Put it together and this is a standoff. Sellers are pricing high, buyers are in no hurry, and homes are aging on the market. If you're selling in Miami Beach, the data says price it right from day one. Waiting three months to meet the market is a slow, expensive way to learn the same lesson.