Is Miami a buyer's market right now?

Right now in Miami, there aren't enough homes for sale to give buyers a lot of choices, and homes are selling relatively quickly. This suggests it's not currently a market that strongly favors buyers. There are 41,524 active listings, which is 16.9% fewer than there were at this time last year. This means there are fewer homes for buyers to choose from. Homes are also selling faster, with a median of 85 days on the market. This is 4.0% quicker than last year, showing that buyers are making decisions more quickly. The median listing price is $495,000, which has gone down slightly by 0.8% from the previous month and 2.9% from last year. However, the average listing price has actually gone up by 6.8% over the past year to $1,241,606. This mix of pricing changes can be a bit confusing for buyers. Only 14.5% of homes have had their prices reduced, which is 3.2% less than last year. This indicates that sellers aren't feeling a lot of pressure to drop their prices. For you as a buyer, this means you might need to act quickly when you find a home you like, as there isn't a huge supply of homes available, and they are selling faster than before.