Downtown Miami– As most of my readers know, analyzing an area’s rate of absorption has been one of my favorite ways to determine local market conditions. Why do I enjoy reading the absorption rates so much? The reason is simple: As a source it paints a very concise picture on how our inventory is doing with current demands. There’s no assumptions, no opinions, and no speculation. I like posting these reports as often as I can because accurate information will always be the backbone to better decision making throughout the buying and selling process.
Below is our latest chart reflecting sales activity since January 2016 for all developments located in 33132.
For those who’ve had the chance to follow my market reports, you will understand why even a slight change in the absorption rate can be seen so positively. A rise to 5.2 % from a dismal 2.8% in February shows that with corrections taking effect, units still sell. Buyers, both foreign and domestic, are clearly still interested in the product and lifestyle of Downtown but want to proceed with more caution. As a whole, the rate is still 12% lower than it was a year ago and there’s still a lot of work left that can still be done. I’m a firm believer that anything will sell for the right price and my main advice to most Sellers these past few months have placed a lot of emphasis towards setting as accurate as a listing price as possible. Graphs like the ones above are a perfect example as to what can be accomplished by doing the right research prior to placing listings on the market.
After all the increased media coverage and the amount of uncertainty our market has had these past few months, this new entry should serve as a reminder of Miami’s appeal even in the midst of a rise in inventory and lesser demand. Could these new numbers be a sign on what we can expect this summer? We’ll just have to wait and see.
Marcelo Steinmander and The Miami Observer of EWM Realty International are local specialists who work on providing the best local information and content. If you would like to buy or sell in Downtown Miami contact us today at 305-305-3885 or send us a message here! Our knowledge in the area has already helped many others achieve their real estate goals!