Miami Condos for Sale vs. Sold | A 2017 Pricing Band Analysis
Stats, my friends! I’ve analyzed today’s Miami condo inventory to determine where the sweet spot is with today’s active vs. sold coastal inventory.
As of May 19th, the premier areas of Miami-Dade County (parameters covering everything East of US-1), there are 11,405 condos available for sale. Within these coastal areas of Miami, 485 condos sold in the last 30 days with a:
- 23.5-Month Supply
- Median Sale Price $340,000
- Median Sale Price$/PSF $340
- Median Days On Market 95
- Median List Price $1.036M
- Median List Price$/PSF $451
- 25% Discrepancy from Sale Price$/PSF.
New construction is adding a flurry of active luxury condo inventory this year and into 2018 driving the prices down as sellers must compete to sell. It’s becoming a bargain hunter’s paradise again. Those with the foresight, capital, and courage to buy Miami cheap will reap the reward.
Case In Point: Porsche Design Tower
Porsche Design Tower was released this year having 41 units available as resale inventory today out of 132 condominiums.
- 31% Resale inventory
- Median List Price $7.865M
- Median List Price PSF $1,757
- No Resales in the Last 90 Days
- Note: The developer penthouse did sell setting a record at $25M!
Click here for Porsche Design Tower market trends.
“Since 2013, the Miami market swung from a post-recovery boom to a drop off last year that industry experts are now calling a “reset.” – Jonathan Miller of Miller Samuel
“The biggest problem for brokers is convincing sellers to readjust their prices in a buyer’s market. We cannot expect Miami to go back to 2013 and 2014 when Brazil was flush with petroleum dollars and Venezuela was not in the middle of civil unrest.” – Anthony Graziano
Here is a Pricing Band Analysis on Miami Coastal Condos Available.
All figures derived from the South Florida MLXChange
I’m a South Florida real estate broker-associate with the leading firm ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, vast global reach and their propensity for perfection. Since 2002, I’ve been active in the Southeast Florida real estate market with experience and results that rarely disappoint.
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