Two data points defined the quarter in Miami-Dade's luxury tier: transaction count above $3 million was essentially flat year over year, while median days on market extended by roughly three weeks. Read together, those numbers describe a market that is still absorbing product but is no longer forgiving of aspirational pricing.
The practical implication for sellers is that the first three weeks of exposure carry disproportionate weight. Showing activity in that window predicts the eventual outcome more reliably than any comparable-sales analysis. When a property draws fewer than four qualified showings in twenty-one days, the price is the message the market is sending.
For buyers, the extended timelines create leverage that did not exist eighteen months ago. Properties past sixty days on market are negotiable in ways their list prices don't advertise, particularly where the seller carries a construction loan or has already purchased forward.
Our approach on new listings this quarter is unchanged: price to the third comparable rather than the first, front-load the marketing spend into weeks one through three, and revisit position at day twenty-one with data rather than sentiment.
