The Miami Beach Real Estate reviews for November 2010. The summertime condo trends have had their ups & downs, and Miami Beach real estate sales did slow somewhat over the summer months, while inventory rose then fell back to April 2010 levels. Although steady confidence builds along the beaches, October again proved it to be a slower month for condo sales…
Statistics for the month reflect 4,356 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village, and Sunny Isles Beach, with condo inventory levels down 6% year to date; again this month condo inventory is down 2% over last month with what is now a 27 month supply.
30-Day Closed Sales
- South Beach Condos: 1,535 for sale | 56 Sales in last 30 days | Average Days on Market 127 | Average Buyer Discount 6% | Average PPSF Asking $338/Sold $308
- Miami Beach Condos: 1,219 for sale | 44 Sales in last 30 days | Average Days on Market 155 | Average Buyer Discount 5% | Average PPSF Asking $254/Sold $236
- Bal Harbour Condos: 237 for sale | 7 Sales in last 30 days | Average Days on Market 184 | Average Buyer Discount 8% | Average PPSF Asking $371/Sold $329
- North Bay Village Condos: 216 for sale | 8 Sales in last 30 days | Average Days on Market 81 | Average Buyer Discount 2% | Average PPSF Asking $130/Sold $127
- Sunny Isles Beach Condos: 1,149 for sale | 46 Sales in last 30 days | Average Days on Market 127 | Average Buyer Discount 4% | Average PPSF Asking $243/Sold $227
Miami Beach | Sunny Isles Real Estate Summary
On one side of the coin, Miami Beach condo inventory has decreased ~2% each month, and sale-price to list-price ratios have been increasing, reflecting an average 4% buyer discount. In contrast, active days on the market have decreased to 4.5 months to sell. All of these three indicators are good signs for improvement but on the flipside, I’m also seeing selling price per square foot on a consistent, downward trend. For the prior month, Miami Beach (REO) Bank-owned foreclosures made up only 4% of our inventory and have sold at 101% sale to list, while Miami Beach short sales made up 18% of our condo inventory and sold at 96%. 79% of all closed sales last month were cash transactions!
Experience Miami Living
Seasonal demand has been huge, and short-term luxury rentals available via MLS are almost entirely absorbed. Many vacationers will be in for the holidays to enjoy the relaxed bliss of Miami Beach during winter and to explore the vast opportunities along Miami-Dade County Beaches. For more information on oceanfront locations, luxury buildings, or statistics & trends, simply write, find me on ‘Live Chat’ or call me toll-free at 1.888.383.7326.
October 2010 – Real Estate Stats for the Miami Beaches
September 2010 – Real Estate Statistics for the Miami Beaches
June 2010 – Real Estate Statistics for the Miami Beaches
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