Welcome to our latest monthly sales report for August 2016! Our reports take pleasure in including all the sales of each individual building in the Downtown Miami area. If you’re interested in a personal copy or would like an extensive report on any of the featured developments call us today at 305-305-3885 or send us a message here. Don’t see your community? Let us know and we will have it featured for you! The properties seen here were listed and sold by various South Florida MLS participants from August 1st to August 31st, 2016.
I’m excited to talk about August because as a whole, it was a very dynamic period in our marketplace. To begin, it is the first month out of the year where I noticed more sales among the higher price ranges. Out of the 31 properties that sold in the Downtown Miami area last month, over 70% of them were units that sold for over $350,000. Furthermore, over 30% of those units were listings priced for $500,000 or more. That’s not bad for a single 31 day period.
The reason for this sudden surge in higher priced sales is simple to explain: Most of these sales were in my opinion, not priced accordingly. Over 50% of these sales had at least one or two price reductions prior to going under contract. Most markets take an average of 4-7 months to adjust, we may be seeing the first signs of the shift into more of a buyer’s market. With that said, there’s still a lot of outstanding inventory that isn’t priced based on the comparables.
As a whole, I see August 2016 as the first month where I’ve actually seen a broad adjustment among some market sectors. In summary, this is a period of transition and will continue to be that way. With these new comparable sales we should begin to see more price adjustments as we prepare for the end of the year. Winter is coming.
I also wanted to make some announcements. Beginning next month I will start an additional monthly report for Brickell and will also make adjustments on the Downtown report. The Brickell report will include all sales south of The Miami River all the way to South Brickell. On the other hand, due to a demand from some folks, I will include sales in the Riverfront in the Downtown report. This includes all transactions in The Ivy, Mint and Wind developments. Please let me know if you’d like to throw in any extra suggestions. I’m open to hearing feedback!
Please see the table below for the breakdown in sales (buildings with no sales for the month are not included on the list, better luck next month!)
August 2016 Sales Report – Downtown Miami
Total Transactions: 31
($) Volume: $12,952,474
Highest Priced Sale: Epic Condo #4008
|Complex Name||List Price||#BR||#FB||#HB||Unit #||Sale Price|
|Quantum On The Bay||569000||3||3||3212||544500|
|Venetia Condo||500000||3||3||21 A-B||510300|
|900 Biscayne Bay||549000||2||2||1||3112||495000|
|1800 Biscayne Plaza||289000||2||1||306||289000|
|Quantum On The Bay||279000||1||1||1||3507||260000|
|Quantum On The Bay||269000||1||1||1||4119||255000|
Source: Miami Multiple Listing Service (MLS). Information deemed reliable but not guaranteed
I’m eager to see what happens this month. In addition, I’m also eager to expand the report and beginning the report on Brickell. I’ll keep a close eye on what’s occurring. Feel free to contact me directly.
Last but not least, thank you for reading our monthly reports and stay tuned for our list of sales for the month of September. As always, contact us today at 305-305-3885 or at firstname.lastname@example.org for any questions about Downtown Miami real estate. In addition, feel free to browse our other categories where you can find dozens of stories on the developments we specialize in.