Miami Condo Sales 2015 – A Pricing Band Analysis
Miami real estate trends will remain a hot topic around the world and people read into media hype whether it be positively optimistic or potentially detrimental. The fact is, we are in a strong buyer’s market in 2016, and I’ll be reporting on sales & trends here as the year continues.
As of today in the premier areas of Miami-Dade County with search parameters covering everything East of US-1, there are 8,474 condos available for sale. Within these desirable areas, 6,401 condos sold (stats below) last year.
- Median Sale Price $340,000
- Median Sale Price$/PSF $353
- Median Days On Market 79
- List to Sale Price Ratio 95% (5% Buyer Discount)
The 2015 residential market showed another record setting year for Miami-Dade County. Top building sales include Faena House, Setai, St. Regis, Edition Residences, Regalia, Ritz-Carlton Bal Harbour, Oceana Key Biscayne, Murano Grande, ICON SoBe, Bayview at Fisher Island, Ocean House, Mansions at Acqualina, Continuum, Jade Beach, Apogee South Beach, and The Bath Club.
Selling prices in South Beach were elevated over the prior year with nine sales above $2,500 PSF and three sales above $3,000 PSF while the record high in 2015 was Faena House selling at a stupendous record of $4,793 PSF. Sunny Isles Beach, Surfside and Bal Harbour boasted nine sales above $1,500 PSF and six sales above $2,000 PSF. 1000 Museum in Downtown Miami had pre-construction sales last year over $1,500 per square foot.
With the slow down of International dollar (dinero, dinheiro, Деньги) on the Miami scene, Northeasterners have been actively purchasing in Miami with what’s considered the sixth borough for New York.
Here is a pricing band analysis on Miami condo sales and in which brackets buyers are acquiring premier Miami real estate.
All figures derived from the South Florida MLXChange
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