The chart above displays the sales price to listing price ratio as reported in the Miami Commercial MLS for improved commercial real estate (MLS classification: commercial/industrial) that lies within the county of Miami-Dade, including cities within, that were priced from $1 million to $10 million and that closed from January 2011 to October 2021. This ratio hit the second highest ratio in 10 years at 97.3%, up from 92.8% in the prior month. This puts is above the upper boundary of its range for the past several years.
To get an idea of how much commercial property tends to trade in the area, see our post where we chart estimated turnover for Miami-Dade commercial property from 2016 to 2020.