Sunny Isles Beach Luxury Condos $1M+ | A 5-Year Snapshot
In a review of where we are today and where we are going, we find a shifting market to what so many still believe to be a seller’s market. We are not only in a neutral market but a rapidly shifting buyer’s market** with a good selection of new inventory as we find in the previous Sunny Isles Beach Condo Index. The good news is that appreciation may still occur this year. Certain statistics and trends are in favor of our market doing well, but a crucial indicator is the rise in inventory with a widening gap between asking values and market value.
Average ‘For Sale’ Price (in thousand) for last month is $3.125M. It is up 15.7% compared to last year. Average ‘Sold’ Price (in thousand) for last month is $1.962M and although up 20.8% over the previous month, it is down 9.6% compared to the same time period last year. This widening gap between the two are in question. Seller’s want a figure way out in left field. Buyer’s want a home run.
This chart shows us the number of condos priced above $1M available for sale today. 2015 shows an indication of a buyer’s market** with 310 units for sale up 23.5% compared to last year. Sunny Isles Beach condos closed last month total 11 units and up 10% compared to last year. Condos placed pending during the same time period is at 10 units down 47.4% compared to last year.
Average Sold Price per Square Foot, last month is $917 and up 10.7% compared to last year.
**Buyer’s market: more than 12 months of inventory based on closed sales. Seller’s market: less than 6 months of inventory based on closed sales. Neutral market: 6-12 months of inventory based on closed sales.
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