Writing a new online report for the Downtown Miami market has been in my to-do list for a few weeks already. Despite the delay, I used the extra time to accumulate additional data in the area in an effort to provide more accurate details on this report. Today’s market update includes all major sections of Downtown Miami instead of its different neighborhoods. The graphs/data below includes activity in Brickell, Edgewater, and the various neighborhoods located in the city’s urban core.
I would consider this one of my more “general” reports due to the fact that it’s covering more ground that usual. Nevertheless, please feel free to contact me directly for any questions related to today’s market or to go into more details on specific price points or locations.
Downtown Miami Market Update – February 2017
Home For Sale in January 2017: 3695 units.
|•||Up 2.4% compared to the last month|
|•||Up 12.3% compared to the last year|
Home Closed in January 2017: 85 units.
|•||Down 23.4% compared to the last month|
|•||Down 26.7% compared to the last year|
Home Placed under Contract in January 2017: 122 units.
|•||Down 13.5% compared to the last month|
|•||Up 6.1% compared to the last year|
Months Of Inventory
Months of Inventory based on Closed Sales in January 2017: 43.5
|•||Up 33.8% compared to the last month|
|•||Up 53.3% compared to the last year|
The numbers, as seen above, are pretty easy to understand. The vast section of Downtown continues to be in a buyer’s market. With this much inventory available, these are my expectations:
- Due to the vast amount of inventory, especially in the luxury price point, sellers will continue to have to be competitive in order to attract the area’s current pool of buyers.
- The additional inventory will also affect the average amount of time it will take to sell. I expect the usual 90 day average to jump to up to 6 months or more, depending on the price range.
- The starter market (condos priced under $350,000) continues to remain the most active market sector. 40 out of the 85 listings that sold in January were units in that price point.
I will continue to follow up on the data and I’ll most likely update this post once I get the stats for February. Based on the activity I’ve seen, I’ve noticed that there’s a good quantity of buyers on the sidelines and most of them are simply waiting for the right deal to come along.
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