The Miami Beach Real Estate RE-Views for March 2011

The Miami Beach Real Estate reviews for March 2011. The new year, new positive news, plus an abundance of new buyers have figures on their way UP, and Miami Beach real estate sales are looking stronger than ever. Inventory has fallen as steady confidence builds along the beaches while news sources such as the Miami Herald, CNBC & Wall Street Journal relay that now is the time to own (if not last year) for the record real estate lows along the Miami Beaches.

Statistics for the month of March reflect 3,580 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 18% year to date; again, this month condo inventory is down a whopping 9% over last with what is now a 13.6 month supply.

30-day Closed Sales

South Beach Condos: 1,286 for sale | 108 Sales in last 30 days | Average Days on Market 155 | Average Buyer Discount 6% | Average PPSF Asking $404 / Sold $373
Miami Beach Condos: 954 for sale | 68 Sales in last 30 days | Average Days on Market 138 | Average Buyer Discount 6% | Average PPSF Asking $244 / Sold $224
Bal Harbour Condos: 208 for sale | 9 Sales in last 30 days | Average Days on Market 123 | Average Buyer Discount 6% | Average PPSF Asking $334 / Sold $338
North Bay Village Condos: 144 for sale | 19 Sales in last 30 days | Average Days on Market 98 | Average Buyer Discount 1% | Average PPSF Asking $117 / Sold $118
Sunny Isles Beach Condos: 988 for sale | 60 Sales in last 30 days | Average Days on Market 143 | Average Buyer Discount 7% | Average PPSF Asking $290 / Sold $262

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory continues decreasing month over month. Sale-price to list-price ratios have maintained an average 5% buyer discount while active days on the market have decreased to ~ 4 months to sell. Each of these indicators proves to be a good sign for market improvement. Still, I’m watching and beginning to see the selling price per square foot trending upwards, depending on the location along the beaches. Sunny Isles Beach selling prices (Ave. per square foot) increased 12% over the prior period, while Bal Harbour condo sales decreased 15%.

Over the prior 90-day period, the selling price per square foot has decreased an average of 2% along the beaches. For the prior month, Miami Beach (REO) Bank Owned foreclosures made up only 3% of our inventory and have sold at 101.6% sale to list, while Miami Beach short sales made up 14% of our condo inventory and sold at 94% sale to list. 79% of all closed sales last month were cash transactions!

Experience Miami Living

Miami’s weather is perfect, and the market shift is noted as trends move toward a new balanced market by the end of the year. 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 great opportunity 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.