We’re back at it again! The weekend is now upon us and I am personally looking forward to a nice day on the beach. Nevertheless, while everyone gets ready for a night out, let’s take a brief moment and chat about the one Downtown neighborhood everyone knows by heart: Brickell.
Out of all of the local neighborhoods in Miami, Brickell is currently creating some considerable buzz among the general public. With the opening of Brickell City Centre, along with its shops, luxury movie theater and dining establishments, the busy Downtown neighborhood is oozing new appeal geared to attract even more residents into the area. I myself am currently in the process of closing some deals close to BCC and at first glance, I was immediately struck by the cosmopolitan vibe I experienced while I was there.
With all said and done, creating the next great community in Miami’s urban core was always more about creating an unrivaled living experience and less about shopping for the latest sneakers. At the end of the day, it’s all about the atmosphere, and BCC and other projects are simply a catalyst to help make this vision a reality.
Is this new atmosphere making any impact on the real estate market itself? Below are the latest numbers.
Latest Numbers – Brickell
For Sale Vs Sold
Home For Sale in April 2017: 2395 units.
|•||Down 0.5% compared to the last month|
|•||Up 6.2% compared to the last year|
Home Closed in April 2017: 96 units.
|•||Up 1.1% compared to the last month|
|•||Up 17.1% compared to the last year|
Months Of Inventory
April 2017 remains a Buyer’s market
Months of Inventory based on Closed Sales in April 2017: 24.9
|•||Down 1.6% compared to the last month|
|•||Down 9.5% compared to the last year|
Last time we left off, back in January, Brickell’s numbers were strikingly similar to the numbers we saw during the 1st quarter of 2016, which is right around the time the condo market shifted and the inventory increased. Months of inventory, which is by far one of the most important factors I personally consider, hovered between the 30 – 35 month range while dangerously flirting to move further into 40 months or more.
Compared to earlier this year, numbers are looking far better but still higher than they should be, with an average of 24.9 months based on the stats we reached back in April. The fact that March and April each had close to 100 sales each, a figure that’s almost double the amount of sales we saw in January, is a positive sign that can be used for further progress into the summer.
In summary, the numbers above are finally a sign of potential stability in the overall market in the near future. In order to continue reducing the amount of inventory, the amount of sales activity must continue to remain the same or improve. In addition to pricing our real estate inventory at a threshold that matches today’s demand, the market will continue to improve as the neighborhood continues to blossom.
Stay fresh Brickell 🙂
We are dedicated to providing the best information about Brickell Real Estate. Call us today at 305-305-3885 or send us a message here if you’re interested in buying or selling in the area. Our local knowledge of the market, combined with our experience will enable us to provide you with the best possible results.