The Aventura Condo Report and Market Analysis | For July 2016
The Aventura Condo Report | Condos for sale in Aventura
Aventura real estate offers a mixture of older and new condos: from established projects such as the Turnberry mix, the Peninsula I and Peninsula II, Atlantic 1,2 and 3 to brand new projects like Echo Aventura, Marina Palms and Prive at Island Estates.
Many families are interested in Aventura Condos because of the relatively lower price levels ( In comparison to other desired areas in Miami). Aventura condos provide for amazing views over the Turnberry Golf Course, the intra-coastal and the ocean. Condos in Aventura are also known for being very expansive, so excellent for families with children who do not want to live in a single-family home.
The Aventura Condo Report – Inventory levels in 2015 – 2016
Inventory levels of Aventura Condos are showing elevated numbers. Especially the higher end of the market is seeing very high numbers of inventory. High levels of inventory are an indicator prices will be adjusting soon. In order for owners to sell their Aventura Condo in a buyer’s market they need to attractively price their units.
Rule of Thumb
- Below 6 months of inventory: More demand than supply, creating a seller’s market
- Between 6 and 9 months of inventory: A neutral market with a balanced relation between supply and demand
- More than 9 months of inventory: More supply than demand, creating a buyer’s market
The Lowest, Average and Highest Sales Prices per Sq.Ft in Aventura
Below you see the graph that compares the average of the 10 lowest sales prices per Sq.Ft, the overall sales price per Sq.Ft and the average of the 10 highest sales prices per Sq.Ft.
Aventura saw steady average prices in the last year while the lower price levels saw an increase. As can be seen in all Miami Real Estate markets, the highest price levels are decreasing as we passed a peak moment and buyer’s are more price sensitive today than a year ago.
The Aventura Condo Report | The Average Sales Prices per Sq.Ft for the different price ranges
Below you can see what homes of different price ranges are selling for per Sq.Ft.
Generally speaking Aventura saw declining prices in the last year. Although we cannot speak of drastic price changes we do see a slight adjustment of the market prices. The high-end of the market saw a peak moment and has now settled at the same level as a year ago.
The Aventura Condo Report – The Average Sales Prices per Sq.Ft over the last 4 years
Looking at the general growth of the market over the last years (made easier for the eye with the help of trend lines*) we see increasing condo prices in Aventura. The properties priced below $1M show the highest increase from around $280 per Sq.Ft to around $350 per Sq.Ft, which is a 25% rise in prices. The $1M – $2M condo market saw prices rise by approximately 15%, while the luxury end of the market saw a 24% price increase.
*Especially in the luxury segment of the market prices might differentiate substantially from month to months due to limited sales or a sporadic sale of a property with features that are driving prices up (eg a private beach). Using automatically generated trend lines offers the reader a better idea of where the market is heading.