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

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Miami Residential Highlights:

  • The average Sale Price per square foot for a home in Miami this year is $293 psf.
  • The highest grossing SFH sale this year: $43.7M or $2,095 a square foot for a home in Coral Gables.
  • .96% is the average ask/sell discount for a Single Family Home.
  • The average Sale Price per square foot for a condo in Miami is $523 psf.
  • The highest grossing condo sale so far this year: $31.262M or $3,218 a square foot for a condo at Palazzo Del Sol on Fisher Island.
  • .94% is the average ask/sell discount for a Condo.

Fort Lauderdale Residential Highlights:

  • The average Sale Price per square foot for a home in Fort Lauderdale this year is $253 psf.
  • The highest grossing SFH sale this year: $11.8M or $775 a square foot for a home on 37th Street in Coral Ridge.
  • .96% is the average ask/sell discount for a Single Family Home.
  • The average Sale Price per square foot for a condo in Fort Lauderdale is $287 psf.
  • The highest grossing condo sale so far this year: $2.493M or $725 a square foot for a condo at Aquamar on Las Olas.
  • .95% is the average ask/sell discount for a Condo.

Miami & Fort Lauderdale Real Estate | Residential Inventory Report for September 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 that Sold in Southeast Florida totaled $27.5M (AUG $49M) with a median selling price per square foot of $959 (AUG $1,382). It took an average of 168 days to sell, with a median sale price of $2.213M.

Today we’re in a strong buyer’s market between Miami & Fort Lauderdale. There were 2,465 & 379 condos for sale over $1M with 34 & 4 sold in the last 30 days showing us an approximate 72.5 and 94.7 month supply, respectively. This is certainly a temporary trend as the hurricane Irma displaced most of Florida for approximately 10 to 15 days – we will note the reversal of months supply in next months study. I can attest, South Florida has hit the reset button and while we were lucky not to have been hit harder, we have also bounced back as we always do whether it be a historic storm or a market shift.

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

South Florida Homes for Sale | Motivated Sellers

In the last 30 days, the Top 10 HOMES that Sold totaled $51M (AUG $57M) with a median selling price per square foot of $780 (AUG $979). It took an average of 301 days to sell, and the median sale price was $4.775M.

Again, we’re in a buyer’s market over $1M with an approximate 40 month and 28 month supply of Miami & Fort Lauderdale homes, respectively. There were 1,292 & 579 homes with 32 & 21 sold in the last 30 days. As noted above reference hurricane Irma, we will likely note a reversal of months supply in next months study. Especially if there is a buyer uptick from bargain hunters seeking SF Home deals.

‘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 CoastalCondos $1M+‘}

SEPT 2017 - MIAMI CONDO Inventory

Home For Sale in August 2017: 1662 units.
Down 1.2% compared to the last month
Up 2.7% compared to the last year

SEPT 2017 - MIAMI CONDO Ave PPSF

Home Closed in August 2017: 28 units.
Down 40.4% compared to the last month
Down 26.3% compared to the last year

Home Placed under Contract in August 2017: 45 units.
Up 2.3% compared to the last month
Up 4.7% compared to the last year

Average Sold Price per Square Footage in August 2017: $996
Up 9.8% compared to the last month
Up 7.3% compared to the last year

SEPT 2017 - MIAMI CONDO DOM

Average Days on Market in August 2017: 190
Up 17.3% compared to the last month
Up 59.7% compared to the last year

Sold/Original List Price % in August 2017: 82%
Down 3.5% compared to the last month
Down 6.8% 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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