Its that time of the month again, time for the March 2017 Miami Beach Market Update! It seems that 2017 is following the path I predicted a few months ago. The number of overall sales in the Miami Beach condo market are still on the decline, while the actual sales prices per square foot is slightly on the rise. Miami Beach Single Family homes on the other hand, remain a lot more stable in the amount of homes selling, while the average price per square foot is on the decline. With that being said, lets jump into the details.
In March 2016, Miami Beach had 21 Single Family Homes sell at an average sale price of $627/ sqft. Fast forward to March 2017 and the number of homes sold is down to 17 with an average sale price of $549/sqft. The average time it took to sell a home in both months was roughly the same at 149 average days on the market in 2016 and 151 days on the market in 2017. While a significant decline in the average price per square foot is present year over year, keep in mind, Miami Beach does have many different neighborhoods, sizes and styles of single family homes that can affect this change in price per square foot. Factors like whether a home has been updated, is waterfront, its actual square footage, and comparables in the neighborhood all have an impact on a homes selling price. Overall I would say this keeps the Miami Beach single family home market still pretty stable with the main variable being the actual type of homes being sold.
Miami Beach Single Family Home Close Sales March 2016
Miami Beach Single Family Home Close Sales March 2017
Moving on to the Miami Beach Condo Market. In March 2016, Miami Beach saw 194 Condo closes sales at an average of $558/ sqft. The average time it took to sell a condo in March 2016 was 102 days. In March 2017, the number of condos sold declined 25% to 147 Miami Beach Condos sold but at a higher cost per square foot at $577/ sqft, while taking an extra 44 days on average to sell at 146 days on the market. This trend clearly shows that while average sold prices are slightly higher, units are staying on the market longer and fewer and fewer are being sold every month so far in 2017.
Miami Beach Condo Closed Sales March 2016
Miami Beach Condo Closed Sales March 2017
As usual, it seems the Miami Beach single family home market is a safer bet if you are looking for stability. And reasonably so, considering most buyers of single family homes are families who are looking to remain in the community for a long period of time. The Miami Beach condo market on the other hand, remains much more volatile and unpredictable, due to its high dependence on foreign investment. With condo trends continuing in this direction, we are certain to have an excess of inventory on the market in the coming months with not enough buyers to absorb them, leading to a buyers market and sellers needing to face reality if considering selling a Miami Beach Condo. If you would like to discuss the Miami Beach Real Estate Market further, Contact Me Today!