The seasonal slope since December shows figures on their way UP and Miami Beach real estate sales are looking very good. Inventory continues to fall while Pending Sales and Selling price per square foot are up over January 8% and 5% in the neighborhoods of Bal Harbour and Sunny Isles Beach respectively.. A steady confidence builds along the beaches, while news sources such as the Miami Herald & Wall Street Journal relay now is the time to own (if not last year) for the record real estate lows of the Miami Beaches.
Statistics for the month of February reflect 3,928 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 9% year to date; again this month condo inventory is down 2% over last month with what is now an 18.27 month supply based on the previous 30-day closed sales:
** South Beach Condos: 1,401 for sale | 81 Sales in last 30 days | Average Days on Market 139 | Average Buyer Discount 5% | Average PPSF Asking $401/Sold $371
** Miami Beach Condos: 1,044 for sale | 64 Sales in last 30 days | Average Days on Market 136 | Average Buyer Discount 5% | Average PPSF Asking $241/Sold $222
** Bal Harbour Condos: 217 for sale | 6 Sales in last 30 days | Average Days on Market 124 | Average Buyer Discount 7% | Average PPSF Asking $440/Sold $399
** North Bay Village Condos: 192 for sale | 15 Sales in last 30 days | Average Days on Market 99 | Average Buyer Discount 2% | Average PPSF Asking $123/Sold $119
** Sunny Isles Beach Condos: 1,074 for sale | 49 Sales in last 30 days | Average Days on Market 124 | Average Buyer Discount 6% | Average PPSF Asking $249/Sold $231
Miami Beach | Sunny Isles Real Estate Summary
Miami Beach condo inventory has decreased consistently 2-6% each month, sale-price to list-price ratios have reflected an average 4-6% buyer discount while active days on market have decreased to 4.13 months to sell. Each of these indicators prove to be good signs for market improvement. What I’m watching closely this year and beginning to see is the selling price per square foot jumping about depending on the location. Over the prior 90 day period, selling price per square foot has increased an average 3% along the beaches. For the prior month, Miami Beach (REO) Bank Owned foreclosures made up only 3% of our inventory and have sold at 101.58% sale to list while Miami Beach short sales made up 16% of our condo inventory and sold at 94% sale to list. 78% of all closed sales last month were cash transactions! Seasonal demand is huge, Miami’s warm and the market shift is noted as trends move in favor of a new balanced market by years end. Many buyers are in to enjoy the warmth (& coolness factor) of Miami Beach luxury condos and to explore what remains to be a vast amount of good 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.