Brickell Condo Market Report | May 2017

Brickell May 2017

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

Brickell (zip 33129 33130 33131)


Condo/Coop/Villa/Twnhse
Curnt vs. Prev Month: For Sale 1.3% | Sold 1.4% | Pended 71.4%
Curnt vs. Same Month 1 Yr Ago: For Sale 4.2% | Sold 4.2% | Pended 68.4%
* This representation is based in whole or in part on data supplied by the Realtor Association of Miami, the Greater Fort Lauderdale Realtors, or the Southeast Florida Multiple Listing Service (MLS).

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

Brickell (zip 33129 33130 33131)


Single Family Homes and Condo/Coop/Villa/Twnhse Combined
Curnt vs. Prev Month: Months of Inventory (Closed Sales) -2.7%
Curnt vs. Same Month 1 Yr Ago: Months of Inventory (Closed Sales) 1.3%
* This representation is based in whole or in part on data supplied by the Realtor Association of Miami, the Greater Fort Lauderdale Realtors, or the Southeast Florida Multiple Listing Service (MLS).

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.

Return to our main page for other featured stories.

Be the first to comment

Leave a Reply

Your email address will not be published.




UA-74049804-1