The Sunny Isles Beach Condo Report and Market Analysis | For July 2016
The Sunny Isles Beach Condo Report | Condos for sale in Sunny Isles Beach
Sunny Isles Beach is located North of Bal Harbour and is home to many ultra-luxurious condo towers. From the Trump Royale and Jade Ocean to the brand new luxury projects like the Porsche Design Tower, Regalia and Jade Signature, Sunny Isles Beach offers high-end condos for all kinds of buyers. When you are looking for true luxurious condo living on the Beach, Sunny Isles is the best area for you.
The Sunny Isles Beach Condo Report – Inventory levels in 2015 – 2016
Sunny Isles Beach has seen increasing inventory levels. This beachfront village is experiencing a true buyer’s market especially in the $2M+ market where the inventory is seeing record levels. We have to take into account that Sunny Isles is home to a large amount of brand new condos that have been delivered (and are still being delivered) in the last year. Most of these new luxury condos in Sunny Isles Beach are above the $2M mark and this has had an effect on the resale market.
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 Sunny Isles Beach
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.
Sunny Isles Beach saw steady price levels in the last year although it seems the luxury market has cooled down a little bit. This is no surprise as we have seen this trend in all of Miami. Buyers are more price conscious and the market saw its hottest moment in the summer of 2015. After this peak moment we saw much less condos being sold for the price levels we saw before that peak.
The Sunny isles Beach 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.
The 2M + Sunny Isles condo markets saw declining prices within the lower-end of the market (The $500K to $2M market) seemed to remain stable. As mentioned before, the luxury markets in all of Miami saw price adjustments as today’s buyers are more price conscious than a year ago.
The Sunny Isles Beach 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 prices in Sunny Isles Beach. Although the luxury market is currently cooling down, it saw the highest price increases in the last 4 years. This $2M+ market went from $900 per SF in 2012 to almost $1,200 per SF in 2016. The lower-end of the market saw the smallest increase in prices.
*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.