*Please note that the following report is for Downtown Miami condos for sale in the 33132 zip code only.
Miami Real Estate – From my list of all favorite all time quotes, one of my favorite ones is “There is always strength in numbers” by political columnist Mark Shields. Although it is highly unlikely that his words referred to property values it nevertheless strikes a chord with me. Miami as a whole is changing at a very rapid pace, not just in its infrastructure but in its identity. Out of all the corners of this vast city, no other place reflects the changes we’ve had over the last couple of years than in its core: Downtown Miami. If buying that dream apartment in Biscayne Blvd is currently on your list of resolutions or the time has come to sell your unit then here are the numbers you should know of.
Downtown Miami Market Report: 33132
For Sale vs. Sold
By looking at how 33132 began in January of 2015 and observing its closure in December, the first noticeable trend is the rise of more available inventory with a whopping 29 months of available inventory for sale and the steady decrease of sales inevitably leading to a Buyer’s Market. With 685 properties for sale, December 2015 had 18.5% more listings on the market compared to January 2015 (578 listings) but had a total of only 23 closings for the whole month, a -39.5% drop from January’s statistics which as whole saw the total sale of 38 properties.
Average Days On Market
Consistent with the increased amount of competition among listings, another clear indicator in the report of a Buyer’s market can be seen in the average length of time required to sell with the average unit on the market lasting more than a 100 days on the market or more .On the upside, after looking at the overall picture after one year of activity it shows that the average days on market finished at a steady 132 days average time on the market ( A striking portrait of trends earlier in the year and an overall increase of only 2.3% which is quite remarkable given the fact that there are +18.5% more properties available now than compared to last year. A not so shocking statistic, the sold/list diff % remained very steady throughout the year at a median rate of 91%, showing a market with an average of 9-10% being negotiated between both parties in most transactions but it its worth noting that the differential did reach lean lower towards the rates of 89-90 % and thus showing a trend with more Buyers submitting more aggressive offers and setting the expectations of what may be seen towards 2016.
- With inventory in high abundance at almost double the rate since December of 2012, Buyers currently sit in the driver’s seat with more options than ever to choose from in multiple buildings and in multiple price points.
- Average price per square foot prices of $431/sqft for December 2015, a 19.1% increase compared to December 2013 averages.
- Sellers looking to not sit on the market will require more proactive marketing and a well defined pricing strategy in order to accomplish their required timelines.
- 2016 starting with a higher average price per square foot of $564 by the end of December of 2015, a 29.4% increase compared to $436 in November 2015.
For more information or if you would like to buy or sell real estate in Downtown Miami contact us today at 305-305-3885 or send us a message here! Our local and market knowledge in the area has already helped dozens of others achieve their real estate goals.