Miami Beach and Fort Lauderdale Real Estate | Residential Inventory Report for February 2018

Ashton Coleman P.A. ONE Sotheby's International Realty 2018

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

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

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

 FEB 2018 - Ave PPSF SOLD

Average Sold Price per Square Footage in December 2017: $1089
Up 12.5% compared to last month
Up 28% compared to last year

FEB 2018 - Ave DOM SP-LP Ratios

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

FEB 2018 - For SALE vs SOLD

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

FEB 2018 - Inventory

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

FEB 2018 - Months of InventoryMonths 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 marketmore than 6 months of inventory based on closed sales. Seller’s marketless than 3 months of inventory based on closed sales. Neutral market: 3 – 6 months of inventory based on closed sales.

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