Miami and Fort Lauderdale Real Estate Inventory Report | November 2016
In today’s market, buyers have the clear upper-hand while sellers are forced to compete. The CEO of EWM was quoted this week for noting luxury seller’s who have not gotten the hint.
“When you have inventory growing to that level and sales falling off, the major motivator to buyers is going to be an adjustment in price.” – Ron Shuffield EWM
In the last 30 days, the Top 10 CONDOS Sold totaled $41.586M (last month $43.5M) with a median selling price per square foot of $1,489 (last month $1,192). It took an average of 193 days to sell, with a median sale price of $4.075M.
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 strong buyer’s market between Miami & Fort Lauderdale. There were 1,970 & 222 condos for sale over $1M with 32 & 2 sold in the last 30 days showing us an approximate 62 and 111 month supply, respectively.
- Miami Beach Condos | 2821 Condos| $559 LP$/PSF | $489K Asking Price
- Bal Harbour Condos | 231 Condos| $852 LP$/PSF | $1.519M Asking Price
- Bay Harbour Condos | 156 Condos| $310 LP$/PSF | $448K Asking Price
- Surfside Condos | 103 Condos| $584 LP$/PSF | $750K Asking Price
- North Bay Village Condos | 252 Condos| $288 LP$/PSF | $345k Asking Price
- Sunny Isles Beach Condos | 1404 Condos| $550 LP$/PSF | $750K Asking Price
- Aventura Condos | 1576 Condos| $315 LP$/PSF |$449K Asking Price
- Downtown/Brickell Condos | 2722 Condos| $464 LP$/PSF | $460K Asking Price
- Coconut Grove Condos | 75 Condos| $452 LP$/PSF | $849K Asking Price
- Coral Gables Condos | 204 Condos| $397 LP$/PSF | $445K Asking Price
- Key Biscayne Condos | 265 Condos| $776 LP$/PSF | $1.248M Asking Price
- Fisher Island Condos | 51 Condos| $1,682 LP$/PSF | $6.443M Asking Price
- Hallandale Beach Condos | 1035 Condos| $254 LP$/PSF | $300K Asking Price
- Ft. Lauderdale Beach | 697 Condos| $352 LP$/PSF | $465K Asking Price
- Lauderdale-by-the-Sea Condos | 133 Condos| $350 LP$/PSF | $549K Asking Price
- Hillsboro Beach Condos | 81 Condos| $356 LP$/PSF | $480K Asking Price
In the last 30 days, the Top 10 HOMES that Sold totaled $63.6M (last month $41M) with a median selling price per square foot of $1,064 (last month $716). It took an average of 234 days to sell, and the median sale price was $5.524M.
‘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 24 month and 24 month supply of Miami & Fort Lauderdale homes, respectively. There were 1473 & 549 homes with 62 & 23 sold in the last 30 days.
- Miami Beach Homes | 404 Homes| $820 LP$/PSF | $2.5M Asking Price
- Bal Harbour Homes | 17 Homes| $919 LP$/PSF | $4.790M Asking Price
- Bay Harbour Homes | 16 Homes| $643 LP$/PSF | $2.699M Asking Price
- Surfside Homes | 41 Homes| $472 LP$/PSF | $899K Asking Price
- North Bay Village Homes | 20 Homes| $344 LP$/PSF | $840K Asking Price
- Sunny Isles Homes | 42 Homes| $530 LP$/PSF | $1.845M Asking Price
- Aventura Homes | 39 Homes| $411 LP$/PSF | $963K Asking Price
- Coconut Grove Homes | 75 Homes| $525 LP$/PSF | $1.999M Asking Price
- Coral Gables Homes | 386 Homes| $456 LP$/PSF | $1.347M Asking Price
- Miami Shores Homes | 107 Homes| $318 LP$/PSF | $695K Asking Price
- Eastern Shores Homes | 6 Homes| $636 LP$/PSF | $1.948M Asking Price
- Key Biscayne Homes | 96 Homes| $997 LP$/PSF | $3.495M Asking Price
- Hallandale Beach Homes | 70 Homes| $347 LP$/PSF | $510K Asking Price
- Golden Beach Homes | 41 Homes| $1024 LP$/PSF | $4.750M Asking Price
- Ft. Lauderdale Beach Homes | 326 Homes| $582 LP$/PSF | $2.3M Asking Price
- Lauderdale-by-the-Sea Homes | 27 Homes| $376 LP$/PSF | $750M Asking Price
- Hillsboro Beach Homes | 5 Homes| $1510 LP$/PSF | $15.750M Asking Price
- Lighthouse Point Homes | 147 Homes| $435 LP$/PSF | $1.275M Asking Price
Up 22.3% compared to the last month
Down 2.7% compared to the last year
Up 0.3% compared to the last month
Up 28.4% compared to the last yearHome Closed in October 2016: 41 units.
Down 37.9% compared to the last month
Down 35.9% compared to the last yearHome Placed under Contract in October 2016: 32 units.
Down 52.9% compared to the last month
Down 46.7% compared to the last year
Average Days on Market in October 2016: 155
Up 5.4% compared to the last month
Up 0.6% compared to the last year
October 2016 Sold/Original List Price Ratio Remains Steady*
Sold/Original List Price % in October 2016: 85%
0% compared to the last month
Down 5.6% compared to the last year
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