Neighborhood Economics for Bal Harbour Condos – Quarter 1 2015

The Bal Harbour Condo Market in a Nutshell

Get a quick overview of the Bal Harbour Real Estate Market

See the Q2 − 2015 update

The Bal Harbour Condo Market in a Nutshell – Read our quarterly report here with all the key market data to be quickly updated on the Bal Harbour Condo Market – Depicted here the St Regis Residences in Bal Harbour

The neighborhood economics blogs are excellent to gather a pulse on the Bal Harbour Condo Market as we provide the market’s key indicators. This blog focuses on the last 3 months of Bal Harbour Real Estate Data and is updated every quarter. All Data are derived from the MLS South Florida

Data are given for Bal Harbour Condos in the price ranges of:

$500,000 – $1M
$1M – $2M
$2M +

Summary of the Bal Harbour Condo Market– Q1 2015

The amount of listings and the amount of closed sales in Bal Harbour remained stable over the last 6 months. In terms of inventory levels we saw a decrease in all markets (favorable for sellers) except for the most affordable market of ($500K-$1M condos) where the inventory increased slightly compared to Q4 of 2014.

Condos in the price range of $2M or below are currently experiencing a 10 month inventory which means that they are just outside of the neutral market in a buyers market, while the luxury properties of $2M+ with 18 months of inventory are a true buyers market.

Prices in this market remained stable over Q1 2015 and no significant change can be seen since the last quarter

Stayed tuned during the next quarters to see whether the above finding are new trends!

For Sale vs Sold Properties in Bal Harbour

Largest image is provided for the price range of $500,000 – $1M. For the other price ranges please click on the thumbnail image

Bal Harbour Condo Market of $1M- $2M
click to enlarge

Bal Harbour Condo Market of $2M+

The Months of Inventory in Bal Harbour

Largest image is provided for the price range of $500,000 – $1M. For the other price ranges please click on the thumbnail image

Rules of Thumb

Buyer’s market: more than 9 months of inventory based on closed sales
Seller’s market: less than 6 months of inventory based on closed sales
Neutral market: 6 – 9 months of inventory based on closed sales