The Miami condo band now states both of its distortions in one place

Two figures on the Miami housing market study were labeled “sale-to-list ratio” when that is not what they are. MIAMI REALTORS does not publish a sale-to-list ratio for Miami-Dade. What it publishes, and what the page has always carried, is the median percent of the ORIGINAL list price that sellers received, measured from the first price asked rather than the most recent one. The two labels now say so. No value moved; the labels were simply wrong about what the numbers were.

That distinction matters because both Balance Score bands use one of these figures. Percent of original list absorbs every price reduction a seller made along the way, so it reads lower than a true sale-to-list ratio would, which means both bands are published more buyer-favorable than a true ratio would make them.

On the condo band, that runs into something already disclosed there and pointing the other way. That band’s months-of-supply reading falls outside the scale’s calibrated range, so the card tells readers the band is a ceiling and the honest reading is more buyer-favorable than the number shows. The sale-to-list substitution pushes the opposite way.

Rather than leave two caveats side by side for a reader to reconcile, the condo card now carries one statement covering both: what each distortion is, that they point in opposite directions, and that because neither has been measured, the net effect is unknown. It says plainly that we cannot claim the two cancel and cannot claim either is larger. We would rather publish a number with its two known problems named than a number that looks cleaner than the evidence behind it.

The bands did not move. Single-family remains 51.1 and balanced, condo remains 24.5 and a buyer’s market. Correcting the underlying basis, as opposed to disclosing it, would require measuring both distortions and is not something a disclosure change can do.