2010 Annual Report – Miami Beach Condo Sales – A Year In Review.

Miami Beach Real Estate Blog Postings have been few & far between and I plan to post a lot more in 2011. This year has been another record setting year for MiamiDreamRealty.com with more sales than in prior years and a Google dominance noted daily as the 4 niche websites and 4 blogs outperform others with customer inquiries growing by the month. I’ve started a large referral business in 2010 with very competent agents handling transactions and will be adding to this Miami Dream Team in 2011. I’ve added more great real estate information and new waterfront listings to the monthly e-Newsletter by MailChimp and encourage you to sign up for local monthly updates.

This annual report will be the 2010 year in review comparing this year’s condo sales to 2009 & 2008 for a 3-year snapshot on sales & trends.

As of December 31st 2010, there are 4,216 total Miami Beach condos for sale via MLS (S.E. Florida Multiple Listing Service) including all Miami-Dade oceanfront communities (plus North Bay Village). For general purposes, we’ll review all price ranges and in the coming weeks, I’ll post an updated pricing band analysis for select beachfront locations such as South Beach & Sunny Isles Beach condos.

MIAMI BEACH CONDO SALES

  • 2010 – 3,066 condo sales (18% increase over 2009)
  • 2009 – 2,522 condo sales (17% increase over 2008)
  • 2008 – 2,099 condo sales (8% increase over 2007)

AVERAGE ASKING PRICE PER SQUARE FOOT

  • 2010 – $310 sp/psf (6% decrease over 2009)
  • 2009 – $329 sp/psf (26% decrease over 2008)
  • 2008 – $442 sp/psf

AVERAGE SELLING PRICE PER SQUARE FOOT

  • 2010 – $283 (3% decrease over 2009)
  • 2009 – $292 (30% decrease over 2008)
  • 2008 – $416

AVERAGE BUYER DISCOUNT & DAYS ON MARKET

  • 2010 – 6% | 141 DOM
  • 2009 – 9% | 148 DOM
  • 2008 – 10% | 151 DOM

CLOSED BANK OWNED (REO) & SHORT SALE (SS) INVENTORY

  • 2010 – 695 REO | 665 SS
  • 2009 – 566 REO | 466 SS
  • 2008 – 85 REO | 133 SS

Conflicting evidence with positive growth indicators showing condo sales increasing, inventory decreasing and buyer discounts decreasing. On the flipside of the equation, selling price per square foot of condos are also decreasing year over year. On a pricing band analysis, I suspect we may see a different story such as properties over $1M vs. properties under $250k. I find it interesting that with 4% of our Miami Beach condo inventory as bank owned and 17% of active inventory as short sales, that 2010 proved to be a very big year for bank owned (REO) sales now surpassing short sales! I’ll be reporting on new 2011 condo sales, statistics and trends so check back often for new updates on the local Miami Beach real estate market. For more information visit the many real estate websites or call toll free at 1.888.383.7326.

Just 10 hours left until 2011.. Have a happy & safe New Year!

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