Neighborhood Economics for Downtown /Midtown Miami Condos – Quarter 1 2015
The Midtown /Downtown Miami Condo Market in a Nutshell
Get a quick overview of the Miami Real Estate Market
The Downtown / Midtown Miami Condo Market in a Nutshell – Read our quarterly report here with all the key market data to be quickly updated on the Downtown / Midtown Miami Condo Market
The neighborhood economics blogs are excellent to gather a pulse on the Downtown/Midtown Miami Condo Market as we provide the market’s key indicators. This blog focuses on the last 3 months of Miami Real Estate Data and is updated every quarter. All Data are derived from the MLS South Florida
Data are given for Midtown / Downtown Condos in the price ranges of:
- $500,000 – $1M
- $1M – $2M
- $2M +
Summary of the Downtown/Midtown Miami Condo Market– Q1 2015
Inventory in Midtown and Downtown Miami has been on the rise for quite some time now and just like Brickell the enormous amount of new pre-construction units has created an oversupply on the market. In this first quarter though, we saw a decrease in inventory for the most affordable ($500K-$1M) as well as the more exclusive condos ($2M+). Condos in the price range of $1M- $2M saw a huge increase to 33 months of inventory over the total of Q1 and even 73 months in March 2015. The Prices in this part of Miami decreased slightly this first quarter.
Are you interested in buying in Miami Downtown but after reading the above you are worried? Don’t be! Like all markets, good units are sold quickly and there are still good investment opportunities. In this market however you need a good agent who knows what to look for. Call us for more information in case you are looking to buy or to list in Midtown or downtown Miami ⇒ +1.305.508.0899 or david@siddonsgroup.com
Stayed tuned during the next quarters to see whether the above finding are new trends!
For Sale vs Sold Properties in Downtown/Midtown Miami
Largest image is provided for the price range of $500,000 – $1M. For the other price ranges please click on the thumbnail image
Downtown/Midtown Miami Condo Market of $1M- $2M
click to enlarge
Downtown/Midtown Miami Condo Market of $2M+
The Months of Inventory in Downtown/Midtown Miami
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
Midtown / Downtown Miami Condo Market of $1M- $2M
click to enlarge
Downtown/Midtown Miami Condo Market of $2M+
The Sales Prices in Midtown / Downtown Miami
Largest image is provided for the price range of $500,000 – $1M. For the other price ranges please click on the thumbnail image
Midtown /Downtown Miami Condo Market of $1M- $2M
click to enlarge
Midtown / Downtown Miami Condo Market of $2M+
Read our Quarterly Neighborhood analytics for:
♦ Aventura
♦ Bal Harbour
♦ Brickell
♦ Coconut Grove
♦ Coral Gables
♦ Downtown / Midtown Miami
♦ Fisher Island
♦ Key Biscayne Condos / Key Biscayne Homes
♦ Miami Beach Condos / Miami Beach Homes
♦ Pinecrest
♦ South Beach Condos / South Beach Homes
♦ South Miami
♦ Sunny Isles
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