Miami Beach & Fort Lauderdale Real Estate | Residential Inventory Report for March 2018
Miami Beach Residential Highlights:
Miami Beach Condos
- The YTD Average Sale Price per square foot for a Condo in Miami Beach is ⬆ $570 psf.
- .92% (8%) is the average discount for a Miami Condo at ⬆ 138 days on market.
- The highest grossing condo sale this year (Miami-Dade County) $17M or $2,130 per square foot for a Sunny Isles Beach Penthouse at Mansions at Acqualina.
Miami Beach Homes
- The Average Sale Price per square foot for a Home in Miami Beach this year is ⬇ $602 psf.
- .92% (8%) is the average discount for a Miami Single Family Home at ⬇ 134 days on market.
- The highest grossing SFH sale this year (Miami-Dade County) was $19.750M or $1,409 per square foot for a modern home in Coconut Grove.
Fort Lauderdale Residential Highlights:
Fort Lauderdale Condos
- The YTD Average Sale Price per square foot for a Condo in Fort Lauderdale Beach is ⬆ $371 psf.
- .93% (7%) is the average discount for a Fort Lauderdale Beach Condo at ⬆122 days on market.
- The highest grossing condo sale so far this year was $5.050M or $1,175 per square foot for a Penthouse condo at L’Hermitage.
Fort Lauderdale Homes
- The Average Sale Price per square foot for a Home in Fort Lauderdale this year is ⬆ $326 psf.
- .95% (5%) is the average discount for a Fort Lauderdale Single Family Home at ⬇ 97 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 $2,055 (JAN $1,597). It took an average of 350 days to sell, with a median sale price of $7.8M.
Today we’re in a strong buyer’s market between Miami Beach & Fort Lauderdale. There are 2,760⬆ & 449⬇ condos for sale over $1M while in the last 30 days, 62 & 18 sold showing us an approximate 44.5 and 24.9 month supply, respectively.
‘Total’ CONDOS for Sale | Median List Price Per Square Foot | Median Asking Price
- Miami Beach Condos | 3,048 Condos| $549 LP$/PSF | $481k Asking Price
- Bal Harbour Condos | 282 Condos| $928 LP$/PSF | $1.8M Asking Price
- Bay Harbour Condos | 196 Condos| $347 LP$/PSF | $515k Asking Price
- Surfside Condos | 113 Condos| $593 LP$/PSF | $890k Asking Price
- North Bay Village Condos | 220 Condos| $280 LP$/PSF | $320k Asking Price
- Sunny Isles Beach Condos | 1,448 Condos| $580 LP$/PSF | $800k Asking Price
- Aventura Condos | 1,578 Condos| $301 LP$/PSF |$420k Asking Price
- Downtown/Brickell Condos | 2,829 Condos| $469 LP$/PSF | $489k Asking Price
- Coconut Grove Condos | 63 Condos| $826 LP$/PSF | $1.999M Asking Price
- Coral Gables Condos | 221 Condos| $397 LP$/PSF | $448k Asking Price
- Key Biscayne Condos | 317 Condos| $688 LP$/PSF | $1.090M Asking Price
- Fisher Island Condos | 26 Condos| $1,560 LP$/PSF | $4.350M Asking Price
- Hallandale Beach Condos | 924 Condos| $269 LP$/PSF | $300k Asking Price
- Ft. Lauderdale Beach | 599 Condos| $409 LP$/PSF | $590k Asking Price
- Lauderdale-by-the-Sea Condos | 125 Condos| $361 LP$/PSF | $459k Asking Price
- Hillsboro Beach Condos | 72 Condos| $325 LP$/PSF | $417k 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 $854 (JAN $996). It took an average of 124 days to sell, and the median sale price was $6.150M.
Again, we’re in a buyer’s market over $1M with an approximate 22 month and 23 month supply of Miami & Fort Lauderdale homes, respectively. There were 1,762⬆ & 442⬆ homes with 79 & 19 sold in the last 30 days.
‘Total’ HOMES for Sale | Median List Price Per Square Foot | Median Asking Price
- Miami Beach Homes | 462 Homes| $828 LP$/PSF | $2.597M Asking Price
- Bal Harbour Homes | 16 Homes| $941 LP$/PSF | $6M Asking Price
- Bay Harbour Homes | 21 Homes| $735 LP$/PSF | $2.650M Asking Price
- Surfside Homes | 49 Homes| $409 LP$/PSF | $750k Asking Price
- North Bay Village Homes | 23 Homes| $337 LP$/PSF | $649k Asking Price
- Sunny Isles Homes | 47 Homes| $461 LP$/PSF | $1.575M Asking Price
- Aventura Homes | 37 Homes| $382 LP$/PSF | $999k Asking Price
- Coconut Grove Homes | 66 Homes| $550 LP$/PSF | $1.475M Asking Price
- Coral Gables Homes | 380 Homes| $472 LP$/PSF | $1.542M Asking Price
- Miami Shores Homes | 105 Homes| $340 LP$/PSF | $635k Asking Price
- Eastern Shores Homes | 44 Homes| $552 LP$/PSF | $2.1M Asking Price
- Key Biscayne Homes | 102 Homes| $968 LP$/PSF | $3.725M Asking Price
- Golden Beach Homes | 39 Homes| $984 LP$/PSF | $4.999M Asking Price
- Hallandale Beach Homes | 61 Homes| $383 LP$/PSF | $480k Asking Price
- Ft. Lauderdale Beach Homes | 126 Homes| $586 LP$/PSF | $1.985M Asking Price
- Lauderdale-by-the-Sea Homes | 32 Homes| $347 LP$/PSF | $718k Asking Price
- Hillsboro Beach Homes | 4 Homes| $2,269 LP$/PSF | $17.623M Asking Price
- Lighthouse Point Homes | 136 Homes| $416 LP$/PSF | $1.358M Asking Price
⬆ derived from South Florida MLS Listing Database
TRENDGraphix ⬇ NINE Years of Miami-Dade Coastal Condos $1M+
January 2018 (Quarterly) is a Buyer’s market*
Months of Inventory based on Closed Sales in January 2018 (Quarterly): 51
Up 12.8% compared to last quarter
Down 11.8% compared to last year
January 2018 (Quarterly) Average For Sale Price is Appreciating*
Average For Sale Price (in thousand) in January 2018 (Quarterly): $3915
Up 1.1% compared to last quarter
Up 0.6% compared to last year
January 2018 (Quarterly) Average Sold Price is Appreciating*
Average Sold Price (in thousand) in January 2018 (Quarterly): $3029
Up 22.6% compared to last quarter
Up 16.5% compared to last year
January 2018 (Quarterly) Average Days on Market trend is Rising*
Average Days on Market in January 2018 (Quarterly): 202
Up 4.7% compared to last quarter
Up 27% compared to last year
January 2018 (Quarterly) Sold/Original List Price Ratio Remains Steady*
Sold/Original List Price % in January 2018 (Quarterly): 81%
Down 1.2% compared to last quarter
Down 3.6% compared to last year
January 2018 (Quarterly) Average Sold Price per Square Footage is Appreciating*
Average Sold Price per Square Footage in January 2018 (Quarterly): $1011
Up 18.7% compared to last quarter
Up 8.6% compared to last year
Home For Sale in January 2018 (End of Qtr): 2381 units.
Up 5.9% compared to last quarter
Down 1.9% compared to last year
Home Closed in January 2018 (Quarterly): 140 units.
Down 6% compared to last quarter
Up 11.1% compared to last year
Home Placed under Contract in January 2018 (Quarterly): 206 units.
Up 42.1% compared to last quarter
Up 32.9% 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.
Luxury Condos, Unique Penthouses, & Waterfront Homes
Whether you’re seeking a stunning Miami Beach penthouse, the ultimate waterfront estate, land for development, off-market & investment opportunities, new construction, bulk condo sales, or relocation assistance, I’ll have it customized and ready for you.
Over 16 Years Experience – I’m a South Florida real estate broker-associate with the leading firm, ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, vast global reach in curating luxury goods including premier real estate, and their propensity for perfection. Since 2002, I’ve been active in the South Florida residential & commercial markets with experience and white-glove service that rarely disappoints.
Let’s Talk today, toll-free at #888.38.DREAM or contact me here for the broker list of all new residential opportunities.
Join the monthly VIP list here for valuable market insights and new properties sent to your inbox before they go live – covering South Beach, Miami Beach, Sunny Isles Beach, Aventura, Bal Harbour, Surfside, and North Bay Village. My area of specialty also includes Key Biscayne, Coconut Grove, Coral Gables and Bay Harbour Islands, and Fort Lauderdale (East of US1). The Miami Beach Real Estate Blog is an excellent resource for South Florida real estate data, trends, and property information.
No hassle. No pressure. Just honest advice!
- MiamiDreamRealty.com
- MiamiPenthousesandEstates.com
- FortLauderdalePenthousesandEstates.com
- Coleman.Properties
- ONE Sotheby’s International Realty & Ashton Coleman
- Jade Beach, Jade Ocean & Jade Signature Condos
- What Is My Home Worth Today?
- Marketing by Ashton Coleman
- Marketing Your Luxury Property
- ONE Sotheby’s International Realty – Marketing Affiliates
- Client Reviews
- New Miami Listings
- Sold Miami Properties
- TRENDS (2017 Q3) Report
- Sotheby’s International Realty History/Overview
- Sotheby’s – An Overview and the Auction House
- ONE Sotheby’s International Realty History/Overview
Who You Are
You are a client – not a customer:
- Clients are under the protection of another.
- Customers purchase a commodity or service.
Knowledge is protection. As a client, you can expect confidentiality but also risk assessment with fully accurate information that you will understand, implement, and use to build your net worth.
