Neighborhood Economics for South Beach Condos – Quarter 1 2015

The South Beach Condo Market in a Nutshell

Get a quick overview of the South Beach Condo Market
(South Beach Condos South of Dade Blvd and the venetian Islands
Zip Code 33139)

See the Quarter 2, 2015 update

The South Beach Condo Market in a Nutshell – Read our quarterly report here with all the key market data to be quickly updated on the South Beach Condo Market

The Quarterly Update on South Beach Homes
The Quarterly Update on Miami Beach Condos

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

Data are given for South Beach Condos in the price ranges of:

$750,000 – $1,5M
$1,5M – $3M
$3M +

Summary of the South Beach Condo Market– Q1 2015

Although Miami Beach experienced an increase in the amount of condos for sale, the market perfectly absorbed this by a growing demand for Miami Beach Condos. Overall we saw a decrease in the level of inventory for Miami Beach condos in the price range of $3M or less, which is a promising sign for sellers. For the $3M+ market the inventory levels increased slightly compared to Q4 2014, although the months of inventory came down to 18 months in March 2015.
This first quarter showed a small decrease in average sales prices per Sq.Ft across all price ranges

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

For Sale vs Sold Condos in South Beach

Largest image is provided for the price range of $750,000 – $1,5M. For the other price ranges please click on the thumbnail image

South Beach Condo Market of $1,5 – $3M

click to enlarge

South Beach Condo Market of $3M+

The Months of Inventory in South Beach

Largest image is provided for the price range of $750,000 – $1,5M. 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

South Beach Condo Market of $1,5 – $3M

click to enlarge