Buyers’ market? 81% of recent Key Biscayne home sales were under asking price; Miami ranks 2nd in US for sales under listing price | Real Estate

Setting that bar a little too high when establishing a sales price for your home? You’re probably not alone.

According to a recent study by Stacker (which analyzed data from Redfin), the Miami metro area, which includes Key Biscayne, is ranked second in the country (behind Naples and just ahead of West Palm Beach) when it comes to recent acceptance offers falling below the original asking price.

The study was based on homes sold during April in metros with more than 300 property sales. Metro areas were ranked on the average sale-to-list ratio, which is a ratio of sale price divided by list price, for homes that sold in April 2023. Median listing prices and median sales prices also were reflected.

Of the 50 top-ranked metro areas for sales falling below asking price, a total of 19 came from Florida, including: Naples (1st), Miami (2nd), West Palm Beach (3rd), Punta Gorda (6th), Port St.Lucie (7th), Sebastian (11th), Palm Bay (12th), Cape Coral (13th), Deltona (15th), North Port (16th), Ocala (17th), Homosassa Springs (19th), Panama City (20th), Fort Lauderdale (21st), Pensacola (31st), Tampa (33rd), Lakeland (42nd), Crestview (48th) and Jacksonville (49th).

Miami also was ranked second for March listings, behind West Palm Beach that month.

Are the asking prices too high? Perhaps. But, studies also point to higher interest rates slowing the housing market, forcing sellers to provide some leeway to potential buyers.

For top-ranked Naples, 1,051 homes were sold in April, with a median list price of $800,000 and a median sale price of $675,000, reflecting a 0.96 average sale-to-list ratio, and 8.2% of the sales were above the asking price.

For Miami, there were 2,367 homes sold in April, with a median list price of $550,000 and a median sale price of $500,000, also a 0.96 ratio, with 16% of the sales coming in above asking price.

For West Palm Beach, there were 2,517 homes sold in April, with a median list price of $495,000 and a median sale price of $450,000, also a 0.96 ratio, and 10.8% of the sales were above asking price.

On Key Biscayne in April, 81% of the 21 homes sold were under the asking price, while four (19%) were sold at the asking price, according to data collected by Rocket Homes.

No sale came in over the asking price.