How is the Miami housing market doing?

The housing market in Miami is seeing some mixed signals right now. While the median listing price is holding steady, there are fewer homes available for sale than there were a year ago, and homes are selling a bit faster. The median price for a home in Miami is $490,000, which hasn't changed from the prior month and is slightly lower by 2.0% compared to the same time last year. However, the average listing price has gone up by 4.1% over the past year, reaching $1,221,993. There are fewer homes for sale right now compared to a year ago, with active listings down 12.3% to 41,277. Despite this, more new homes came on the market recently, with new listings up 4.6% over the past year. Homes are selling a little quicker than before. The median time a home stays on the market is 85 days, which is 4.5% less than a year ago. Also, fewer homes are seeing price reductions, with 14.9% marked down, a decrease of 1.4% from last year. If you're looking to buy or sell, it's important to note the slight decrease in overall inventory and the steady median prices, alongside faster selling times. This suggests competition might be higher for the available homes.