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

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

Miami Residential Highlights:

  • The average Sale Price per square foot for a home in Miami this year is $219 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 $366 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.
  • .93% 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 $254 psf.
  • The highest grossing SFH sale this year: $20M or $1,562 a square foot for a home on Del Lago Drive in Fort Lauderdale Beach.
  • .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 $289 psf.
  • The highest grossing condo sale so far this year: $4M or $663 a square foot for a condo at Harborage Place.
  • .95% is the average ask/sell discount for a Condo.

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 $47.5M (SEPT $27.5M) with a median selling price per square foot of $1,037 (SEPT $959). It took an average of 209 days to sell, with a median sale price of $4.6M.

Today we’re in a strong buyer’s market between Miami & Fort Lauderdale. In the last 30 days, there were 2,587⬆ & 214⬇ condos for sale over $1M with 38 & 4 sold showing us an approximate 68 and 53.5 month supply, respectively. This is certainly a temporary trend as the hurricane Irma displaced most of Florida for approximately 2 weeks+. We will note the reversal of months supply in the following month’s study.

‘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 $96M (SEPT $51M) with a median selling price per square foot of $658 (SEPT $780). It took an average of 197 days to sell, and the median sale price was $8.075M.

Again, we’re in a buyer’s market over $1M with an approximate 35.9 month and 32 month supply of Miami & Fort Lauderdale homes, respectively. There were 1,651⬆ & 646⬆ homes with 46 & 20 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+‘}

Miami Coastal CONDOS 1M plus - NOV 2017 - AVE PPSF

Average Sold Price per Square Footage in September 2017: $1013
Up 12.9% compared to last month
Up 22% compared to last year

Miami Coastal CONDOS 1M plus - NOV 2017 - Inventory for Sale and Sold

Home For Sale in September 2017: 1887 units.
Down 1.8% compared to last month
Up 1.7% compared to last year

Home Closed in September 2017: 30 units.
Down 14.3% compared to last month
Down 44.4% compared to last year

Home Placed under Contract in September 2017: 23 units.
Down 55.8% compared to last month
Down 58.2% compared to last year

Miami Coastal CONDOS 1M plus - NOV 2017 - Months of Inventory

Months of Inventory based on Closed Sales in September 2017: 62.9
Up 14.6% compared to last month
Up 82.9% compared to 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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The Miami Beach Real Estate Blog is an excellent resource for South Florida real estate data, trends, and property information. Contact me for new residential opportunities along North Bay Village, Miami Beach, Sunny Isles Beach, Aventura, Bal Harbour, Surfside, and South Beach. I also cover the most desirable areas including Key Biscayne, Coconut Grove, Coral Gables and Bay Harbour Islands, and Fort Lauderdale (East of US1).

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