Sunny Isles Beach Luxury Condos $1M+ | A 5-Year Residential Market Snapshot
With the vast amount of inventory available today along the coastline of Sunny Isles Beach, we have clearly transitioned to a strong buyer’s market since the analysis and predictions from two years ago (2015 research here).
Supply is high, while demand is low.
Over $1M in list price, there are 559 Sunny Isles Beach condos for sale today. Within the last 30 days, 7 have sold translating to a 79.8 month supply.
Buyer’s today call the shots with great leverage and value. The crème de la crème of Sunny Isles Beach oceanfront condos are selling at super pricing – Mansions at Acqualina had 6 sales this year with a median sale price value of just $1,149 psf and as low as $965 psf. Porsche Design Tower had its first resale at just $1,141 psf while Regalia dropped 10.1% this year to have 5 sales at a median sale price value of $1,480 psf. Chateau Beach had just 1 sale this year at $1,123 per square foot. I’m watching the soon to be released Jade Signature for what will soon be incredible pricing into 2018 and for those making bold offers with a long-term outlook on Miami, I am certain they will find this luxury market returning to the proposed figures these premier buildings were originally ‘sold’ on.
The average ‘For Sale’ List Price today in Sunny Isles Beach is $3.195M up 2.3% from $3.125M in the 2015 study. The average ‘Sold’ Price for last 90-days is $2.019M (29 Sold) down 7% compared to the same time period ($2.156M/25 Sold) last year. This wide discrepancy between the list price to the sale price noted two years later is now crystal clear with a new era of sellers chasing the residential market trends. Seller’s want a sale price value way out in left field asking 37% over what’s actually selling and while each seller, building and property differs, buyers simply want a home run.
Late 2015 showed us an indication of an approaching buyer’s market with an aggressive transition period into mid-2016 and somewhat leveling off since. This chart below shows us the number of Sunny Isles Beach condos priced above $1M available for sale today and while the figures are off slightly being a month behind, the figures above are spot on and accurate.
Home For Sale in October 2017: 576 units.
Up 2.1% compared to last month
Up 5.9% compared to last year
Home Closed in October 2017: 10 units.
Up 25% compared to last month
Down 28.6% compared to last year
Home Placed under Contract in October 2017: 7 units.
Up 40% compared to last month
Down 41.7% compared to last year
This chart above shows us the absorption rate on $1M+ condos in Sunny Isles Beach. While absorption rate is a very good indicator as to market trends regarding supply & demand, it may shift quite quickly as buyers step into the market with bold offers and confidence to find today’s most motivated sellers and largest price cuts.
Months of Inventory based on Closed Sales in October 2017: 57.6
Down 18.3% compared to last month
Up 48.1% compared to last year
This chart above shows our average days on market now at just over 7 months to sell but more importantly, buyer discounts received. We see a very consistent increase in the buyers discount received since early 2016.
Average Days on Market in October 2017: 225
Up 11.4% compared to last month
Up 55.2% compared to last year
Sold/Original List Price % in October 2017: 79%
Down 6% compared to last month
Down 7.1% compared to last year
Average For Sale Price (in thousand) in October 2017: $3175
Up 0.1% compared to last month
Up 8.7% compared to last year
Average Sold Price (in thousand) in October 2017: $2144
Down 11.5% compared to last month
Up 21.3% compared to last year
Sunny Isles Beach Condo Pricing TRENDS as to what is actually selling/SOLD.
Average Sold Price per Square Footage in October 2017: $815
Down 0.6% compared to last month
Up 18.3% compared to last year
**Buyer’s market: more than 12 months of inventory based on closed sales. Seller’s market: less than 6 months of inventory based on closed sales. Neutral market: 6-12 months of inventory based on closed sales.
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