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Lets take a look at the January 2017 Miami Beach Market Snapshot.The Miami Beach Single Family Home Market year over year from 2016 to 2017 is fairly stable at 16 closed sales during the month of January for both years.The most significant change in the single family home market is the average sale price and the average selling price per square foot.In 2016, 16 single family homes sold in Miami Beach with the average sale price of $2,630,156 and the average price per square foot was $692/sqft.January 2017 saw the same amount of closed sales at 16 homes.The average sale price declined to $2,159,156 and the average price per square foot went down to $608/sqft, a 12% decline in price year over year.
The Miami Beach Condo Market on the other hand has a different story.InJanuary 2016, the average sale price was $719,580 and price per square foot was $549/sqft with 142 properties sold.January 2017, only 111 condos sold and, the average sale price was $661,474 and sale price per square foot rose slightly to $560/sqft.While the price per square foot went up about 2% the amount of condos sold is dramatically lower.
This scenario points to an overall market slowdown and correction that has been looming for a while now.Inventory remains high, yet so do asking prices.The average days on the market is also increasing by an average of an additional 30 days from 123 days to 151 days for single familyhomes and remaining steady at 137 days for condos.
Most likely, we will see a decline in average sale prices over the next few months in Miami Beach.It is impossible to predict the future but all market indicators point to a decrease in sales.Many sellers that are looking to sell in 2017 will need to set a realistic sales price if they hope to sell at all.Given the amount of available inventory and Miami Beach price trends.For more info please see the graphs below and as always, feel free to give me a call and discuss directly!
