Chart: Miami Commercial Real Estate Sales to List Price Ratio Continues to Hold Up in May ~ MLS

Last month we noted that though one month does not say much it was worth noting that commercial properties traded at a somewhat normal price in relation to listing price in the COVID-19 affected month of April. Now we have, as can be seen in the chart above, another month with this ratio holding fairly steady. It is slightly lower that the prior month, only slightly, and remains still well above lows set in prior years. Note this is for all sales in MLS entered as improved or commercial land, dubbed Commercial, Industrial or Commercial, Business, Agricultural, Industrial Land in Miami-Dade county in that system. The prior month was not isolated the Miami-Dade, thus there may be a slight difference.

Surely much of the effect of coronavirus is felt in reduced sales volume, not in sales price versus list price, thus there is only so much water to add to that proverbial half-empty/half-full glass of water. What this continues to represent, however, is that sellers are not slashing prices.