Sunny Isles Beach (2008 year-end) Waterfront Condo Trends

Hello friends. Today, I wanted to relay the Sunny Isles Beach (2008 year-end) Waterfront Condo Trends showed for the zip code 33160, including Sunny Isles Beach and Aventura waterfront condos. These figures are based on a 12-month and 15-month snapshot ending December 31, 2008.

{Sunny Isles Beach 2008 Criteria: 33160, Waterfront Condos encompassing all price ranges}

	1 year			15 months
	Dec 07	Dec 08	% Change	Oct 07	Dec 08	% Change
For Sale	2014	1878	-6.8%	2111	1878	-11%
Sold	33	45	36.4%	39	45	15.4%
Pended	42	54	28.6%	41	54	31.7%

Sunny Isles Beach 2008 Condo Inventory

It appears that for 2008, inventory decreased by 6.8% while sales increased by 36.4%. Pending Sales are also up 28.6% showing signs of improvement.

	1 year			15 months
	Dec 07	Dec 08	% Change	Oct 07	Dec 08	% Change
Avg. Days on Market	131	125	-4.6%	124	125	0.8%
Sold/List Diff. %	91	86	-5.5%	91	86	-5.5%

Sunny Isles Beach 2008 Days On Market

Average days on the market decreased by 4.6% in a positive direction to just over 4 months of selling time. These are based on SOLD figures. On the flip side of this coin, 125 days on the market to sell is not what sellers want to hear. Additionally, not included in this blog post is the question of ‘months of inventory,’ which is nothing extremely positive to relay and could change with various factors in the coming year(s). There were 41 months of inventory in December, which decreased over 2008 positively by 31.6% and 22.9%+ over the previous 15-month period. A healthy market has around 6 months of inventory, but we can’t predict future inventory levels yet.

	1 year			15 months
	Dec 07	Dec 08	% Change	Oct 07	Dec 08	% Change
Avg. Active Price	681	662	-2.8%	671	662	-1.3%
Avg. Sold Price	453	536	18.3%	497	536	7.8%

Sunny Isles Beach 2008 Average Selling Price (PSF)

Wow…, the average 33160 selling SOLD price has increased over 2008 by 18%. Enough said.

	1 year			15 months
	Dec 07	Dec 08	% Change	Oct 07	Dec 08	% Change
Avg. Sq. Ft. Price	322	301	-6.4%	364	301	-17.2%

Solid news for buyers includes a 2008 price decrease (specifically above 33160 waterfront condos) of 6.4% and 17% over the previous 15 months. The chart above is specific for all price points in the 33160 zip code. In the coming weeks, I’ll add new posts similar to this one for specific luxury oceanfront Sunny Isles Beach and Miami Beach condos. These graphs and statistics show us a lot when attempting to forecast whether or not it’s the right time for you to buy Sunny Isles real estate (specific to Sunny Isles, Bal Harbour & Miami Beach real estate).

Summary of a Down Market (Overview)

YES, I am optimistic. I am a Florida Realtor©, aka. Keller Williams Sales Associate and soon-to-be Broker-Associate plus a happy person, so I choose to be. Why have a cup-half-empty approach unless you are a media outlet, speculator, or Case Shiller? I am also honest, and if it’s a bad real estate decision, I’ll let you know as I plan on keeping long-term business relationships.

A LOT of the buying decision depends on what you think is the best time and whether or not you have cash as leverage or need financing (get the bank approval first, then buy right)… If you’d like to have your questions answered or have input & opinions on this blog post or any other, we’d love to hear from you. With over 150+ readers daily, I post almost every comment unless it’s spammy, and your privacy is guaranteed unless you disclose otherwise, ie) Trump Towers Blog has all but SS #s…

Have a productive week, and come back soon!

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