Miami Beach & Fort Lauderdale Residential Inventory Report | April 2019

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Miami Beach & Fort Lauderdale Residential Inventory Report | April 2019

Miami Beach Residential Highlights:

Miami Beach Condos

  • YTD, 463 Miami Beach Condos have been Sold.
  • The YTD Average Sale Price per square foot for a Condo in Miami Beach is ⬆ $541 psf.
  • .93% (7%) is the average discount for a Miami Condo at ⬇ 134 days on the market.
  • This year’s highest-grossing condo sale (Miami-Dade County) is $21M or $2,643 psf for a Miami Beach Penthouse at L’Atelier.

Miami Beach Homes

  • YTD, 53 Miami Beach Homes have Sold.
  • The Average Sale Price per square foot for a Home in Miami Beach this year is ⬆ $792 psf.
  • .90% (10%) is the average discount for a Miami Single-Family Home at ⬇ 197 days on the market.
  • This year’s highest-grossing SFH sale (Miami-Dade County) was $25M or $2,654 psf for a Star Island Estate.

Fort Lauderdale Residential Highlights:

Fort Lauderdale Condos

  • YTD, 413 Fort Lauderdale Condos has been Sold.
  • The YTD Average Sale Price per square foot for a Condo in Fort Lauderdale Beach is ⬆ $304 psf.
  • .93% (7%) is the average discount for a Fort Lauderdale Beach Condo at ⬆ 104 days.
  • This year’s highest-grossing condo sale was $4M or $1,169 per square foot for a 15th floor at Auberge Beach.

Fort Lauderdale Homes

  • YTD, 422 Fort Lauderdale Homes have Sold.
  • The Average Sale Price per square foot for a Home in Fort Lauderdale this year is ⬆ $282 psf.
  • .95% (5%) is the average discount for a Fort Lauderdale Single Family Home at ⬇ 88 days on the market.
  • This year’s highest grossing SFH sale was $8.085M or $1,500 per square foot for a modern new home {Auctioned at a $4.910M Discount} on Las Olas/Seven Isles.

In today’s residential market, buyers have the upper hand while sellers are forced to compete. Here are the monthly stats for a location-by-location study.

‘Total’ CONDOS for Sale | Median List Price Per Square Foot | Median Asking Price

‘Total’ HOMES for Sale | Median List Price Per Square Foot | Median Asking Price

⬆ derived from the South Florida MLS Listing Database

⬇ 15-Months of Miami-Dade Coastal Area Condos $1M+

Condos Listed in March 2019: 1027 units.
Down 3.4% compared to last month.
Down 6% compared to last year

Condos Closed in March 2019: 354 units.
Up 26% compared to last month
Down 4.8% compared to last year

Condos Placed under Contract in March 2019: 428 units.
Up 0.9% compared to last month
Up 4.6% compared to last year

Average Sold Price per Square Footage in March 2019: $510
Down 10.4% compared to last month
Down 10.4% compared to last year

March 2019 Average Days on Market trend is Rising*

Average Days on the Market in March 2019: 159
Up 12% compared to last month
Up 10.4% compared to last year

March 2019 Sold/Original List Price Ratio Remains Steady*

Sold/Original List Price % in March 2019: 84%
Down 3.4% compared to last month
Down 5.6% compared to last year

March 2019 Average For Sale Price is Depreciating*

Average For Sale Price (in thousand) in March 2019: $1197
Down 0.9% compared to last month
Down 3% compared to last year

March 2019 Average Sold Price is Neutral*

Average Sold Price (in thousand) in March 2019: $669
Down 14.6% compared to last month
Down 12.3% compared to last year

March 2019 is a Buyer’s market*

Months of Inventory based on Closed Sales in March 2019: 21
Down 22% compared to last month
Up 7.7% 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 to 6 months of inventory based on closed sales.

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