Miami and Fort Lauderdale Real Estate Inventory Report | September 2016

Fisher Island Downtown Miami

Miami and Fort Lauderdale Real Estate Inventory Report | September 2016

After completing both the Sunny Isles Beach Condo Index and Fort Lauderdale Condo Index in AUG 2016, I remain bearish on our local markets. Buyers have the clear upper-hand while sellers are forced to compete.

In the last 30 days, the Top 10 CONDOS Sold totaled $36.8M (last month $29.2M) with a median selling price per square foot of $987 (last month $1,133). It took an average of 163 days to sell, with a median sale price of $2.750M.

Here we are for the month on a location by location study.

‘Total’ CONDOS for Sale | Median List Price Per Square Foot | Median Asking Price

Today we’re in a definitively strong buyer’s market between Miami & Fort Lauderdale. There were 2,419 & 232 condos for sale over $1M with 40 & 9 sold in the last 30 days showing us an approximate 60 and 26 month supply, respectively.

In the last 30 days, the Top 10 HOMES that Sold totaled $41M (last month $68M) with a median selling price per square foot of $716 (last month $999). It took an average of 320 days to sell, and the median sale price was $5.017M.

‘Total’ HOMES for Sale | Median List Price Per Square Foot | Median Asking Price

Again, we’re in a buyer’s market over $1M with an approximate 27 month and 25 month supply of Miami & Fort Lauderdale homes, respectively.

  • Miami Beach Homes | 393 Homes| $838 LP$/PSF | $2.890M Asking Price
  • Bal Harbour Homes | 13 Homes| $882 LP$/PSF | $4.549M Asking Price
  • Bay Harbour Homes | 19 Homes| $655 LP$/PSF | $2.497M Asking Price
  • Surfside Homes | 34 Homes| $492 LP$/PSF | $913K Asking Price
  • North Bay Village Homes | 20 Homes| $343 LP$/PSF | $840K Asking Price
  • Sunny Isles Homes | 40 Homes| $533 LP$/PSF | $1.837M Asking Price
  • Aventura Homes | 46 Homes| $376 LP$/PSF | $899K Asking Price
  • Coconut Grove Homes | 82 Homes| $482 LP$/PSF | $1.695M Asking Price
  • Coral Gables Homes | 366 Homes| $437 LP$/PSF | $1.2M Asking Price
  • Miami Shores Homes.. check back next month
  • Eastern Shores Homes.. check back next month
  • Key Biscayne Homes | 88 Homes| $1024 LP$/PSF | $3.438M Asking Price
  • Hallandale Beach Homes | 58 Homes| $293 LP$/PSF | $510K Asking Price
  • Golden Beach Homes | 36 Homes| $1048 LP$/PSF | $4.749M Asking Price
  • Ft. Lauderdale Beach Homes | 438 Homes| $490 LP$/PSF | $1.599M Asking Price
  • Lauderdale-by-the-Sea Homes | 25 Homes| $364 LP$/PSF | $629M Asking Price
  • Hillsboro Beach Homes | 4 Homes| $1672 LP$/PSF | $16.850M Asking Price
  • Lighthouse Point Homes | 144 Homes| $399 LP$/PSF | $1.130M Asking Price
SEPT 2016 MIA Condos Months of Inventory
Months of Inventory based on Closed Sales in July 2016: 55.6
Up 63% compared to the last month
Up 169% compared to the last year

*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales

SEPT 2016 MIA Condos Ave DOM
Average Days on Market in July 2016: 186
Up 31.9% compared to the last month
Up 35.8% compared to the last yearJuly 2016 Sold/Original List Price Ratio is Falling*Sold/Original List Price % in July 2016: 83%
Down 3.5% compared to the last month
Down 3.5% compared to the last year
SEPT 2016 MIA Condos Ave Price SOLD
Average Sold Price per Square Footage in July 2016: $843
Down 10% compared to the last month
Up 4.5% compared to the last year
SEPT 2016 MIA Condos InventoryHome For Sale in July 2016: 2448 units.
Down 1.7% compared to the last month
Up 48.2% compared to the last yearHome Closed in July 2016: 44 units.
Down 39.7% compared to the last month
Down 45% compared to the last yearHome Placed under Contract in July 2016: 47 units.
Down 21.7% compared to the last month
Down 46% compared to the last year
{All figures derived from South Florida MLS Listing Database & TrendGraphix MIAMI CONDOS $1M+}

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