South Beach Condo Market & Pricing Trends – A 2.5 Years Sales History

Have we seen the bottom and when was it exactly? Is this the “bouncing bottom” or did “rock bottom” hit already with continued improvements in 2010 as South Beach condo inventory decreases? I’ve been wanting to know this too and we’ll soon discover South Beach condo pricing trends over the past 2.5 years and onwards as this year continues..

Yes, I have been absent from blogging. As KT once said, I’m a Realtor (Broker) first and blogger second (maybe third) but I will always have a passion voicing my opinions, analyzing the facts and speaking out loudly here for other to see and know. My personal business is explosive this year with normal sales, REO’s, short sales selling and buyers on an all time high with renewed confidence in the Miami “Beach” condo market since mid-2009. I believe it was the latest MiamiDreamRealty blog where I became overwhelmed, had to step back for awhile, and build a killer real estate team to handle the leads across the Miami Dade County beaches; finally finding & making time to blog here again!

South Beach (1st to 30th Streets) MIAMI Condo Pricing Trends:

2008 (873 total sales | Average SP/PSF $461)

January47 Sales at an average selling price per square foot of $515 and 92% SP/LP% (average buyer discount of 8%)

February48 Sales at an average selling price per square foot of $472 and 90% SP/LP% (average buyer discount of 10%)

March76 Sales at an average selling price per square foot of $467 and 91% SP/LP% (average buyer discount of 9%)

April86 Sales at an average selling price per square foot of $487 and 90% SP/LP% (average buyer discount of 10%)

May103 Sales at an average selling price per square foot of $492 and 91% SP/LP% (average buyer discount of 9%)

June98 Sales at an average selling price per square foot of $513 and 92% SP/LP% (average buyer discount of 8%)

July90 Sales at an average selling price per square foot of $468 and 92.5% SP/LP% (average buyer discount of 7.5%)

August80 Sales at an average selling price per square foot of $418 and 89% SP/LP% (average buyer discount of 11%)

September69 Sales at an average selling price per square foot of $470 and 92% SP/LP% (average buyer discount of 8%)

October62 Sales at an average selling price per square foot of $377 and 91% SP/LP% (average buyer discount of 9%)

November39 Sales at an average selling price per square foot of $364 and 91% SP/LP% (average buyer discount of 9%)

December75 Sales at an average selling price per square foot of $419 and 90% SP/LP% (average buyer discount of 10%)

2009 (912 total sales | Average SP/PSF $368)

January49 Sales at an average selling price per square foot of $457 and 88% SP/LP% (average buyer discount of 12%)

February55 Sales at an average selling price per square foot of $348 and 93% SP/LP% (average buyer discount of 7%)

March69 Sales at an average selling price per square foot of $368 and 91% SP/LP% (average buyer discount of 9%)

April71 Sales at an average selling price per square foot of $346 and 91% SP/LP% (average buyer discount of 9%)

May 82 Sales at an average selling price per square foot of $381 and 89% SP/LP% (average buyer discount of 11%)

June104 Sales at an average selling price per square foot of $370 and 91% SP/LP% (average buyer discount of 9%)

July77 Sales at an average selling price per square foot of $356 and 90% SP/LP% (average buyer discount of 10%)

August80 Sales at an average selling price per square foot of $334 and 89% SP/LP% (average buyer discount of 11%)

September80 Sales at an average selling price per square foot of $396 and 92% SP/LP% (average buyer discount of 8%)

October75 Sales at an average selling price per square foot of $364 and 93% SP/LP% (average buyer discount of 7%)

November88 Sales at an average selling price per square foot of $334 and 90% SP/LP% (average buyer discount of 10%)

December82 Sales at an average selling price per square foot of $388 and 92% SP/LP% (average buyer discount of 8%)

2010 (so far.. 640 sales | Average SP/PSF $355)

January69 Sales at an average selling price per square foot of $353 and 92% SP/LP% (average buyer discount of 8%)

February75 Sales at an average selling price per square foot of $328 and 93% SP/LP% (average buyer discount of 7%)

March132 Sales at an average selling price per square foot of $335 and 94% SP/LP% (average buyer discount of 6%)

April89 Sales at an average selling price per square foot of $408 and 92% SP/LP% (average buyer discount of 8%)

PS. 2007 Sales Totaled 867 at an average PPSF of $504!

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