Miami and Fort Lauderdale Real Estate | Residential Inventory Report for July 2017

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Miami & Fort Lauderdale Real Estate | Residential Inventory Report for July 2017

In today’s market, buyers continue to have the upper-hand while sellers are forced to compete. Here are the monthly stats on a location by location study.

South Florida Condos for Sale | Motivated Sellers

In the last 30 days, the Top 10 CONDOS Sold in Southeast Florida totaled $47.8M (JUN $42M) with a median selling price per square foot of $1,382 (JUN $1,448). It took an average of 157 days to sell, with a median sale price of $4.354M.

Today we’re in a strong buyer’s market between Miami & Fort Lauderdale. There were 2,450 & 390 condos for sale over $1M with 65 & 17 sold in the last 30 days showing us an approximate 38 and 23 month supply, respectively.

‘Total’ CONDOS for Sale | Median List Price Per Square Foot | Median Asking Price

Miami Homes for Sale | Motivated Sellers

In the last 30 days, the Top 10 HOMES that Sold totaled $56.8M (JUN $56M) with a median selling price per square foot of $979 (JUN $826). It took an average of 198 days to sell, and the median sale price was $6.050M.

Again, we’re in a buyer’s market over $1M with an approximate 19 month and 16.7 month supply of Miami & Fort Lauderdale homes, respectively. There were 1,303 & 586 homes with 68 & 35 sold in the last 30 days.

‘Total’ HOMES for Sale | Median List Price Per Square Foot | Median Asking Price

{Figures above derived from South Florida MLS Listing Database & below, TRENDGraphix ‘Miami-Dade Coastal Condos $1M+‘}

JUL 2017 Miami Beach Condo INVENTORY 1M

Home For Sale in June 2017: 1,986 units.
Down 1.9% compared to the last month
Up 1.8% compared to the last year

Home Closed in June 2017: 52 units.
Up 10.6% compared to the last month
Down 5.5% compared to the last year

Home Placed under Contract in June 2017: 48 units.
Down 25% compared to the last month
Up 9.1% compared to the last year

JUL 2017 Miami Beach Condo PPSF 1M

 Average Sold Price per Square Footage in June 2017: $1006
Down 15.7% compared to the last month
Down 5.4% compared to the last year

JUL 2017 Miami Beach DOM SPtoOrigLP

Average Days on Market in June 2017: 195
Up 11.4% compared to the last month
Up 57.3% compared to the last year

Sold/Original List Price % in June 2017: 83%
Down 3.5% compared to the last month
Down 3.5% compared to the last year

*Buyer’s market: more than 6 months of inventory based on closed sales. Seller’s market: less than 3 months of inventory based on closed sales. Neutral market: 3 – 6 months of inventory based on closed sales

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