MIAMI BEACH Miami Beaches Condominium Sales
The fourth quarter in the Miami Beach condominium market exhibits mixed price trends with an increasing average sale price at $519,208 and a decreasing median sales price at $300,000 to the previous year’s quarter (Q4 2016), however the overall sale price increased from last quarter (Q3 2017).
New properties offered for sale in the market (New Listings) increased by 17.8%. With a lower number of sales and a continuous growth in new listings, the absorption rate (the number of months at which homes sell at the current sale rate) increased by 2.9 months compared to last year’s quarter (Q4 2016).
SOUTH OF FIFTH Miami Beaches Condominium Sales
The South of 5th condominium market presents an overall decrease in average sale price at $1,306,126 and in median sale price at $750,000 compared to the previous year’s quarter (Q4 2016). Although the sale price, compared to last quarter (Q3 2017), increased both in average and median price, the price per SQFT presented a continued decline. There were 43 sales in the fourth quarter, up 13.2% from the prior year’s quarter (Q4 2016). The growth in sales was matched by the number of new properties offered for sale in the market (New Listings) with an increase of 8.3%. With a higher increase in sales compared to new listings, the absorption rate (the number of months at which homes sell at the current sale rate) lowered by .5 months to the previous year’s quarter (Q4 2016).
more details on the attached report
