With the low season now upon us and warmer days on the horizon, the time has now come to discuss how Miami Beach’s market has fared for the first six months of what has been a very eventful year.
Let’s be candid, time has flown faster than a driver speeding on I-95 at 4:00 am on a Saturday and keeping up with the fast pace is not easy for everyone. Like many of those I’ve had a chance to speak to over the last few weeks, I’m aware that summer represents an opportunity to escape, to relax, and to rest. But then again, how much fun can you really have on the beach without having a solid book or article to read while sitting in your old beach chair?
For the real estate end of the spectrum, that’s why I’m here and that’s why I enjoy writing these posts on the Observer.
The numbers, data, and remarks below are courtesy of Trendgraphix and represents data pulled on all single family and condo listings for the zip code of 33139 (South Beach). All data deemed reliable but not guaranteed.
Months Of Inventory
Months Of Inventory (Below $250,000)
Average Days On The Market/Average Sold To List Price
Average Price For Sale Vs Sold
- With the aid of increasing demand and continuous adjustments, overall months of supply have continued to decrease since reaching almost 31 months of inventory seen in September 2017 during Irma to the current rate of 17.1 months. Supply for luxury real estate, however, still remains high with at least 25 months of inventory while low end demand remains strong, remaining at around 11-12 months. Make no mistake, South Beach continues to remain a buyer’s market.
- Competition remains high despite the gradual market changes, and thanks to emerging competition with new product across the bay in Downtown Miami, it’s still taking longer than before to sell. With an average amount of days on the market exceeding past 130 days each month for the last six months overall and over 180+ days for high end units, my outlook remains that more patience and more adjusting will be necessary to lure buyers sitting in the sidelines.
- Sold/list price ratios continue to remain steady (86 – 92%) but as average prices continue to come down due to market adjustments, the data only continues to support that the market overall continues to be a buyer’s market.
Last but not least, despite the fact that summer continues to be Miami’s low season, make no mistake: it’s still an active period of activity that at times can be just as busy as any other time of the year. One perfect example is summer 2017, which was as busy (if not busier) than the spring and winter of that same year.
If you’re looking to buy or sell over the next few months and would rather not wait until the winter, you still can!
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