The Miami Beach Real Estate Reviews, Statistics & Trends for June 2013

The Miami Beach Real Estate Reviews, Statistics & Trends for June 2013. Miami’s New Construction is now the talk of the town with new oceanfront towers, including Mansions at Acqualina, Porsche Design Tower, Regalia, Chateau, Jade Signature, and 400 Sunny Isles (Sunny Isles Beach) along with One Ocean and Ocean House (South Beach) selling early as preconstruction. The outlook should always be long-term gains with the primary reason for purchasing for your use & enjoyment, and developers have increased down payment expectations to prevent speculators from entering the market. Regardless, confident investors are buying, and International money is fueling our local economy.

Miami Beach Condo Inventory

is fluctuating in an upward trend yet still in favor of buyers with 7.5 months of condo inventory for sale. Condo inventory is up 4% (YTD) from June of 2012 and up 7% since the previous study in October. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four, Trump Royale, Trump Towers, and Turnberry Ocean Colony are noticing only 3 to 5% of condo inventory for sale and, to top it off, asking & receiving premiums over 2012 closed sale comparable properties. The premier 3 bedroom lines directly over the Atlantic Ocean now hover at $1.5-$3.5M. Good deals come and go, but if you’re looking to own here, the market trends show us a favorable market. The average discount is 5%, with little room to negotiate.

Selling Prices on Premier Luxury Properties

are still setting records for 2013 values, with the Setai Penthouse selling at an astonishing $3,799 sp/psf value or $27M and Ocean House Penthouse #702 selling at $3,592 PSF or $15M. St. Regis of Bal Harbour has the third-highest sales record with $1,577PSF or $10.8M. Setai #3801 & #2308 sold at $2,995PSF or $7.575M & $3045PSF or $7.790M respectively. Other high sales were found on Fisher Island $1,480PSF, Continuum South at $2,048PSF, Apogee at $2,111PSF & Murano Grande at $1,253PSF. Sunny Isles Beach shows us the JADE Beach Penthouse condo, which sold for $1,036PSF or $4.290M, and ‘4’ high Sales at Turnberry Ocean Colony, selling from $884PSF to $1,078PSF.

Of the last 90 days, the Top 10 Highest Sales based on selling price per square foot averaged $2,322.

Miami Beach Real Estate Statistics for the month of June

reflect 2,372 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 up 4% year to date; this month condo inventory is up 7% over October with what’s now a 7.5 month supply based on the previous 30-day closed sales:

** South Beach Condos: 925 for sale | 127 Sales in last 30 days | Average Days on Market 103 | Average Buyer Discount 4% | Average PPSF Asking $553 / Sold $527

** Miami Beach Condos: 548 for sale | 78 Sales in last 30 days | Average Days on Market 98 | Average Buyer Discount 4% | Average PPSF Asking $406 / Sold $385

** Bal Harbour Condos: 196 for sale | 23 Sales in last 30 days | Average Days on Market 163 | Average Buyer Discount 8% | Average PPSF Asking $616 / Sold $562

** North Bay Village Condos: 106 for sale | 9 Sales in last 30 days | Average Days on Market 84 | Average Buyer Discount 3% | Average PPSF Asking $205 / Sold $198

** Sunny Isles Beach Condos: 597 for sale | 80 Sales in last 30 days | Average Days on Market 106 | Average Buyer Discount 5% | Average PPSF Asking $412 / Sold $386

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory has increased slightly at 7% since October, but selling prices have risen 11% during this same period. Sale-price to list-price ratios have maintained an average 5% buyer discount; active days on the market reflect ~ 3.70 months to sell. The average selling prices have increased 15% year to date.

Indicators are showing solid signs of market improvement while developers build & promote new construction on the last remaining parcels of premier Miami land. With the selling price per square foot trending upwards over the prior year and inventory absorption holding steady. We are in a solid seller’s market from what was once the buyer’s market from 2006 to 2011.

Sunny Isles Beach Selling prices (Average SP$ per square foot) increased 5% since October statistics and an 18% Increase in Selling Values YTD.
Bal Harbour has increased 24% since October statistics and has had a 22% increase in selling values YTD.
South Beach Condo sale prices increased 4% since October statistics and a 13% Increase in Selling Values YTD.
Miami Beach Condo sale prices increased 15% since October statistics and a 21% Increase in Selling Values YTD.

For the month of June, Miami Beach (REO) Bank Owned foreclosures made up only 3% of our inventory and have sold at 103% sale to list, while Miami Beach’s short sales also up 3% of our condo inventory and selling at 101% sale to list. 79% of all closed sales over the last 30 days were cash transactions.

Miami Beach Real Estate Trends for June 2013

Miami’s warm climate and diverse population make it one of the nation’s most desirable locations. The market shift has been noted as trends favor another boom. Many buyers are enjoying the great purchase values of Miami Beach luxury condos, averaging only $411 per square foot in selling values compared to other desirable Cities offering much higher-priced real estate. There remains a vast amount of buying opportunity along the Miami Beaches, with the most important deciding factor being your family’s use & enjoyment for years to come. For more information on premier locations, luxury buildings, condos & homes for sale, or statistics & trends, simply email me on Facebook, ‘Live Chat’, or call me toll-free at 1.888.383.7326 or direct at 305.978.7704.

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