The Miami Beach Real Estate market has been on a downturn since the beginning of this year.  While this is not a market crash, make no mistake, the real estate market is on a down cycle and the May 2017 Miami Beach Real Estate market update is proof of that.  Lets take a look at what has been happening during the last month compared to the same month 1 year ago.

 

During May 2016, Miami Beach saw 21 Single Family Homes sold at an average price per square foot of $662.21 and properties were on the market an average of 109 days.  Fast forward to May 2017, and there were 17 homes sold for $663 per square foot, and homes sat on the market significantly longer this year, taking an average of 230 days to sell.  The Miami Beach single family home market saw a 20% decline in the number of homes sold in May 2017 compared to May 2016.

Single Family Home Stats

 

 

The Miami Beach Condo market saw a slightly higher decrease in the amount of homes sold year over year.  There were 22% less condos sold in May 2017 at 145 condos sold v.s. May 2016 at 184 condos sold.  Properties also sat on the market slightly longer at an average of 148 days compared to 134 days on the market.  Not only were there less condos sold in 2017 but they also sold for less money.  In May 2016, the average price per square foot of sold Miami Beach condo was $533.  In May 2017, that number went down to $522.

Condo Stats

 

 

This decrease in sales and pricing is a clear sign the Miami Beach market is in a down cycle.  We are also seeing an increase in available inventory, with more units for sale.  If you have been thinking about purchasing property in Miami Beach, but have hesitated, wait no longer.  It is clearly a buyers market out there.  Contact me today to get started on your next investment or Miami Beach Home purchase!