Miami condo prices 2012 – Miami Beach
Following my recent post about Miami condo prices 2012 – Greater Downtown Area here are some facts about Miami condo prices 2012 for the Miami Beach area.
Let’s look at the average price per sqft for Miami Beach in the past 12 months. It has jumped from $321 to $503, which represents an increase of 57%. Now, even though these are real numbers, they are a bit inflated, by some outliers, like the recent sale of the Setai PH-A for $21,500,000 or roughly $3400 per sqft.
The trend however is clear. Even without record breaking sales on singly trophy properties, sales prices for Miami Beach condos have clearly increased in the past year.
The same trend is reflected by the median sales price for Miami Beach condos in the past 12 months, which as you can see went from $190k to $250k, reflecting an increase of 32%. By the way, you might think that the median sales price seems kind of low for Miami Beach. This is largely affected by the influx of distressed sales we have seen and the fact that there are less distressed properties on the market now, is one of the reasons why sales prices are finally increasing again.
Last, but not least, I want to show you one more reason why there is a high likelihood that prices for Miami beach condos will continue to increase throughout 2012, which is the current available inventory. Inventory levels of available Miami beach condo have drastically decreased from over 50 months (yes, that’s more than 4 years worth of inventory) in 2007 to 7 months in Feb of 2011 and were down to 5 months in Feb of 2012.
Of course, I can not accurately predict the future, however looking at the recent and current trends, one doesn’t need a phd in economics to figure out where miami condo prices are headed in 2012. I’d say, if you want to buy, do it quick. If you need to sell you might finally be able to achieve a reasonable sales price on your condo again. If you are merely thinking of selling, but are in no rush, I personally would stay put for a while, as I see prices increase further through 2012.
If you have any questions or would like information on buying or selling a Miami Beach condo, please don’t hesitate to contact me.
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