The Quarterly Bal Harbour and Surfside Condo Market Update

Bal Harbour and Surfside Condo Market Update

The Bal Harbour and Surfside Condo Market Update for September 2022. The Bal Harbour and Surfside condo markets are experiencing a slowdown. The market shifted from a strong sellers’ market to a buyers’ market in the last 90 days. We have to recognize that this is a small market with a limited amount of condos. In this market, 350 condos sold in the past 12 months, and 150 condos are for sale.

This blog article will be updated every 90 days with new information. Not only will you see the latest information, but you will also be able to scroll down, read what happened in past months, and start seeing Miami real estate trends.

Is it time to sell your condo Miami Beach | Surfside | Bal Harbour?

Surfside and Bal Harbour Statistics and Specific Sales

Looking at the statistics page for Surfside or Bal Harbour will reveal the specific sales from the last 90 days. As a registered user on the site, you can go back further than 90 days. Browse the specific sales and observe what is transacting at the highest price per sqft and why. For a granular analysis of a property you are interested in selling (or buying), please call me and we can plug your subject property into the stack to see how it compares. This is an advanced one step further feature, that is not part of the website’s front-end capability, but a highly advantageous tool to assess real-time property values.

Months of Supply are Increasing

For all price ranges, the months of supply are four times higher than they were just four months ago.

In the $3M+ market, we are seeing even higher increases in the months of inventory. Inventory in this luxury condo market is ramping up to numbers that are 15 times higher than in the previous six months.

Current months of supply are rising to a scary 22 months from the previously experienced 3 or 4 months. We are seeing less than half of the closed sales we saw in the neighborhood in the past four to six months and at least 40% more listings.

The lower end of the market ($1M to $3M) is still quite balanced showing nine months of supply.

This is the portion of the market, however, that is most affected by the increase in interest rates. With 50% fewer closed sales in the past three months, we expect inventory to grow for this part of the market.

The months of supply, which have always been the most important indicator in analyzing the real estate market, is what anticipates a change in property values.

Why is this Happening?

The market is becoming more of a seller’s market, due to sellers finally deciding to list their properties for sale. While new listings are encouraged in a strong seller’s market, sellers are still imagining a bull market. They imagine the market still being the one we saw six months ago and price their properties accordingly. Buyers, however, are on the fence and waiting for numbers to go down. They are anticipating a market six months into the future.

Forecast for months to come

Even if we believe we will see more sales in the next three months, the demand will hardly meet the supply. The latter is growing too fast and sitting on the market too long due to unrealistic listing prices.