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South Beach condo market Q1 2010 vs. Q4 2009

Following my last post I wanted to see what the bigger picture looks like and therefore compared South Beach condo sales statistics for the last quarter of 2009 with the first quarter of 2010.

The most noteworthy developments can be easily wrapped up in one sentence:

Sales and pendings increased while average list and sales prices decreased.

In Q4 of 09 there where 213 sold south beach condos and 226 pendings vs.
219 solds in Q1 2010 and 337 pendings
That represents an increase of 3% in sold units and 49% in pending sales

Unfortunately list and sales prices went the other way, which is most likely a contributor

to the increased sales activity.
The average list price on a South Beach condo went from $531k to $487k for a decline of 8%
while the average sales price went from $470k to $434k for a decline of 7%.

Posted via email from southbeachcondos’s posterous