Just a quick update….
Both Oct and Nov showed 72 sales (each) for South Beach condos. Inventory levels have declined slightly from 1754 unit to 1723 units resulting in just under 24 months of unsold inventory so far. While that is still not great news compared to 6 months inventory that are considered to reflect a “balanced” market, it is much better than just 1 year ago when the inventory was at approximately 50 months.
Most indicators remained pretty steady for the past several months, with the only change being that the average list and average sales prices keep declining.
This however does not mean that prices are still declining, but rather that more of the lower end (read: cheaper) inventory gets sold, while luxury condos are finally feeling the pain.