If you're planning on buying or selling a condominium on Miami Beach helps to know the prices, values, days on the market and size in order to compete or to make sure that you're not spending too much.
The total inventory for condominiums on Miami Beach are 2110, 41% less than they were just a year ago. This tells sellers that homes are selling in the supply and demand are in favor of the sellers. The median list price is $440,000 up 5% from one year ago. Only one percent of the market is currently distressed, in foreclosure or short sale status. The median days on the market are about 97, up 11% over last year and the median house size is around 900 ft.² with a median price per square foot at $536.
The median list price for Miami Beach in April 2014 was around $470,000. Since then it steadily increased to $500,000 at the beginning of this year. There is a drop in February and March but that has increased back up to its current status.
The median price is the price in the middle of the list of condos for sale, which is dramatically different than the average listing price. The average listing price takes all of the condominiums for sale, adds up to the price and then divides them by the number of condos for sale. The average listing price for Miami Beach is $1,617,000. The South Pointe neighborhood still brings in the highest average listing price at $2.7 million. Fisher Island is one of the top islands in Miami Beach with an average listing price of $8.7 million. But, due to the limited number of condominiums for sale this number could get skewed dramatically.
What sellers really need to know is how much they can get for their condominium and how long it will be on the market. Typically if it's priced correctly anywhere from 30 to 90 days is a reasonable amount of time to be on the market. Anything longer than that needs to be reevaluated for the correct price.
For more information on the condo market at Miami Beach or to price your condominium please contact me at any time.