Schenley Park 2017 Market Re-Cap and Where The Neighborhood Is Going
The Schenley Park Real Estate Market Update 2018
2017 was the year of market corrections. As supply increased and demand decreased, sellers faced more competition and struggled selling their homes, while buyers faced inflated prices. Schenley Park has been seeing its own neighborhood changing with more sales in new construction, vacant lots, and teardown or houses in need of renovation.
Sales of single-family homes in Miami-Dade saw a 4.3% decrease in sales, while Schenley Park saw a 15.4% decrease. In 2016, the neighborhood experienced an increase in new home construction sales compared to 2017, whereas 2017 experienced more sales for houses that needed renovation.
Despite the dip in sales, the Schenley Park price market remained strong for the year and still out performed all other previous years. The average price per square foot for the year was $267, a 11% increase from 2016, and the average sales price jumped up 22% from 2016.
However, as buyers continue to face inflated prices and sellers continue to oversaturate the market with new construction, teardown, renovation, and turn-key ready houses, the Schenley Park neighborhood is likely to see the same pattern as Miami-Dade of over supply and lack of demand.
In Schenley Park, nearly 50% of the currently available houses came on the market in January 2018 and the average days on the market has increased to over 3 months.
These are the most commonly asked Google Real Estate Related questions
1. What are the Current Best New Condos in Miami?
If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023.
2. What is the best New Construction Condo in Fort Lauderdale?
In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.
3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami?
Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!
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