Miami Beach and Fort Lauderdale Real Estate | Residential Inventory Report for February 2018
Miami Beach Residential Highlights:
- The Average Sale Price per square foot for a Condo in Miami Beach is $539 psf.
- .92% (8%) is the average discount for a Miami Condo at 129 days on market.
- The highest grossing condo sale this year (Miami-Dade County) $13.750M or $2,723 a square foot for a condo at Continuum South.
- The Average Sale Price per square foot for a Home in Miami Beach this year is $629 psf.
- .92% (8%) is the average discount for a Miami Single Family Home at 156 days on market.
- The highest grossing SFH sale this year (Miami-Dade County) was $14.375M or $2,085 per square foot for a modern home in Coral Gables.
Fort Lauderdale Residential Highlights:
- The Average Sale Price per square foot for a Condo in Fort Lauderdale is $306 psf.
- .95% (5%) is the average discount for a Fort Lauderdale Condo at 116 days on market.
- The highest grossing condo sale so far this year was $3M or $569 per square foot for a Penthouse condo at Harborage Place.
- The Average Sale Price per square foot for a Home in Fort Lauderdale this year is $258 psf.
- .95% (5%) is the average discount for a Fort Lauderdale Single Family Home at 107 days on market.
- The highest grossing SFH sale this year was $5.332M or $659 per square foot for a home on Isla Bahia Drive in Harbor Beach.
In today’s residential market, buyers continue to have the upper-hand while sellers are forced to compete.
Here are the monthly stats for a location by location study.
South Florida Condos for Sale | Explore Motivated Sellers
In the last 30 days, the Top 10 CONDOS that Sold in Southeast Florida had a median selling price per square foot of $1,597 (DEC $1,405). It took an average of 241 days to sell, with a median sale price of $3.1M.
Today we’re in a strong buyer’s market between Miami Beach & Fort Lauderdale. There are 1,148⬆ & 675⬆ condos for sale over $1M while in the last 30 days, 23 & 40 sold showing us an approximate 49 and 16.8 month supply, respectively.
‘Total’ CONDOS for Sale | Median List Price Per Square Foot | Median Asking Price
- Miami Beach Condos | 2,999 Condos| $548 LP$/PSF | $480k Asking Price
- Bal Harbour Condos | 281 Condos| $923 LP$/PSF | $1.9M Asking Price
- Bay Harbour Condos | 197 Condos| $339 LP$/PSF | $500k Asking Price
- Surfside Condos | 113 Condos| $599 LP$/PSF | $890k Asking Price
- North Bay Village Condos | 210 Condos| $281 LP$/PSF | $330k Asking Price
- Sunny Isles Beach Condos | 1,438 Condos| $562 LP$/PSF | $790k Asking Price
- Aventura Condos | 1,544 Condos| $304 LP$/PSF |$432k Asking Price
- Downtown/Brickell Condos | 2,803 Condos| $469 LP$/PSF | $487k Asking Price
- Coconut Grove Condos | 61 Condos| $838 LP$/PSF | $2.199M Asking Price
- Coral Gables Condos | 226 Condos| $392 LP$/PSF | $460k Asking Price
- Key Biscayne Condos | 324 Condos| $683 LP$/PSF | $1.040M Asking Price
- Fisher Island Condos | 26 Condos| $1,560 LP$/PSF | $4.350M Asking Price
- Hallandale Beach Condos | 911 Condos| $265 LP$/PSF | $300k Asking Price
- Ft. Lauderdale Beach | 510 Condos| $481 LP$/PSF | $754k Asking Price
- Lauderdale-by-the-Sea Condos | 186 Condos| $356 LP$/PSF | $549k Asking Price
- Hillsboro Beach Condos | 108 Condos| $346 LP$/PSF | $404k Asking Price
South Florida Homes for Sale | Explore Motivated Sellers
In the last 30 days, the Top 10 HOMES that Sold had a median selling price per square foot of $996 (DEC $851). It took an average of 259 days to sell, and the median sale price was $4.991M.
Again, we’re in a buyer’s market over $1M with an approximate 30.8 month and 15.4 month supply of Miami & Fort Lauderdale homes, respectively. There were 1,725⬆ & 417⬆ homes with 56 & 27 sold in the last 30 days.
‘Total’ HOMES for Sale | Median List Price Per Square Foot | Median Asking Price
- Miami Beach Homes | 454 Homes| $849 LP$/PSF | $2.693M Asking Price
- Bal Harbour Homes | 16 Homes| $884 LP$/PSF | $5.063M Asking Price
- Bay Harbour Homes | 21 Homes| $740 LP$/PSF | $2.5M Asking Price
- Surfside Homes | 44 Homes| $404 LP$/PSF | $744k Asking Price
- North Bay Village Homes | 25 Homes| $347 LP$/PSF | $730k Asking Price
- Sunny Isles Homes | 47 Homes| $461 LP$/PSF | $1.450M Asking Price
- Aventura Homes | 35 Homes| $386 LP$/PSF | $979k Asking Price
- Coconut Grove Homes | 67 Homes| $512 LP$/PSF | $1.399M Asking Price
- Coral Gables Homes | 368 Homes| $482 LP$/PSF | $1.5M Asking Price
- Miami Shores Homes | 97 Homes| $338 LP$/PSF | $640k Asking Price
- Eastern Shores Homes | 41 Homes| $542 LP$/PSF | $2.2M Asking Price
- Key Biscayne Homes | 106 Homes| $954 LP$/PSF | $3.575M Asking Price
- Golden Beach Homes | 38 Homes| $1,010 LP$/PSF | $5.310M Asking Price
- Hallandale Beach Homes | 55 Homes| $311 LP$/PSF | $456k Asking Price
- Ft. Lauderdale Beach Homes | 79 Homes| $659 LP$/PSF | $2.295M Asking Price
- Lauderdale-by-the-Sea Homes | 35 Homes| $361 LP$/PSF | $750k Asking Price
- Hillsboro Beach Homes | 4 Homes| $1,924 LP$/PSF | $14.613M Asking Price
- Lighthouse Point Homes | 126 Homes| $416 LP$/PSF | $1.570M Asking Price
{Figures above derived from South Florida MLS Listing Database & below, TRENDGraphix ‘Miami-Dade Coastal Condos $1M+‘}
Average Sold Price per Square Footage in December 2017: $1089
Up 12.5% compared to last month
Up 28% compared to last year
Average Days on Market in December 2017: 227
Up 24.7% compared to last month
Up 57.6% compared to last year
December 2017 Sold/Original List Price Ratio is Falling*
Sold/Original List Price % in December 2017: 78%
Down 6% compared to last month
Down 10.3% compared to last year
Average For Sale Price (in thousand) in December 2017: $4034
Up 2.4% compared to last month
Down 3.3% compared to last year
December 2017 Average Sold Price is Appreciating*
Average Sold Price (in thousand) in December 2017: $3751
Up 22.9% compared to last month
Up 70% compared to last year
Home For Sale in December 2017: 2381 units.
Up 2.2% compared to last month
Up 4% compared to last year
Home Closed in December 2017: 44 units.
Up 10% compared to last month
Up 7.3% compared to last year
Home Placed under Contract in December 2017: 61 units.
Up 3.4% compared to last month
Up 3.4% compared to last year
Months of Inventory based on Closed Sales in December 2017: 54.1
Down 7.2% compared to last month
Down 3% 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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