MIAMI REAL ESTATE CONDO PERFORMANCE BY NEIGHBORHOOD
The following exposed data shows the trends for the second quarter of 2019 (Q2 2019) compared to the same period in 2018 (Q2 2018) for the condominium market in 4 different areas in Miami and Miami Beach.
There was a huge drop in the average sales price in the South of Fifth neighborhood by -15.8% compared to the second quarter of 2018. If you add to that the fact that the number of closed units also decreased drastically by -40.2%, and new listings rose by 13.7%, you quickly conclude that we are definitely in a buyer's market.
The Days on the Market (number of days a unit stays available on the market), increased by only 2.6% compared to 2018. At that pace, the absorption rate, which shows how long it would take, at current sales rates, to sell all the homes on the market, is 22.4 months.
As South of Fifth, Miami Beach, in general, experienced a drop of -15.3% on the average condo sale price. The number of sales decreased by -5.5% compared to 2018 leaving the condo market with only 330 closed deals in Q2 2019.
The Days on the market, increased by 8.9% as new listings hit the market, with an increase of 6% contrasted to Q2 2018. With an overall inventory of 1942 units and a slowdown in closed sales, the absorption rate in Miami Beach is 17.1 months in average before selling a unit.
Alleluia we have some good news in Brickell !! The average sale price for a condo in Brickell increased by 7.4% compared to 2018. The market has shown a year over year increase since 2017 on the sale price in this neighborhood.
In regards to the volume of closed sales, there was an increase of 3.6% compared to 2018 and a surprising 55% increase compared to Q1 2019. This might be a result of more negotiation from buyers which succeeded in an average listing discount of 10%.
The total inventory in Brickell at this time is of 1959 condos, which means it will take at this same rate of sales 19 months to sell.
With 94 closed sales this quarter, the Downtown condo market decreased by -5.1% compared to the second quarter of 2018. There was a drop in the sale price of -6.1%.
The Days on the Market increased to 177 which means 6.7% up. In terms of the new inventory listed in the studied period, there was a decrease of -11.7% compared to 2018. The inventory on the market (710 units) compared to the closed sales is far apart, which creates a long absorption rate of 22.7 months.
For this month there is no excuse to stay home, with the Miami Spice and the Miami Spa already here, a wide list of restaurants and spas are waiting for you!
1. Miami Spice: For the next 2 months high-end restaurants will be offering special three-course pre-fixed menus for as low as lunch/brunch $23, dinner $39. Almost 250 restaurants are participating (check out the list here). Prepare to make tons of reservations!
2. Miami Spa Months: till the end of the month Miami Spa will be offering massages and treatments with up to 50% off in state-of-the-art hotels around the city. So there's no time to lose, go book your appointment now!
With an ideal location in South of Fifth, the just-opened Seasins restaurant is a high-end Portuguese eatery with local food choices.
With a large list of incredible options, the only problem you'll have when trying this restaurant will be to make your dish choice. Happened to me, so I'll give you some of my recommendations. For starters, I had a Triologia Portuguesa. An exquisite brusquettes with roasted pepper, codfish, and octopus. Since I'm not a sweet person I had some extra room before dessert so for the main dish, I ordered an extremely recommended and huge fresh Bacalhau A Bras. It was cooked with crispy potatoes, caramelized onions, and Beaten Eggs. Hungry yet?
This restaurant is bound to be one of the South of Fifth fine treasures! Get to know more about it here.
DEAL OF THE MONTH: YACHT CLUB #2703
• Ocean views
• High floor
• 1,080 sqft
• 2 beds / 2 baths
Get to know more here!