The condo market in South Beach has been fairly steady with no major up or downswings throughout the third quarter of 2009.
The biggest outlier I’ve seen is that the average list & sales prices increased drastically from August to September 09
Here’s the same graph showing list vs. sale price averages in $ per sqft.
What’s interesting here is that the average sale price in increased by 18.75% from Aug – Sep, however the average sale price per sqft in the same period increased by only 14.81%.
The only logical explanation for this is that the units sold in September where on average larger than the units sold in August. Looking at the October numbers however this trend has already been reversed again.
Average sales price in October has fallen to $444,870 (lowest since the beginning of the 3rd qtr) or $364 per sqft. More details on this will follow in the 4th qtr statistics at the end of the year. Based on this numbers October seems to be pretty much back in line with July and August. Why September showed such a drastic increase is somewhat of a mystery to me. Any ideas on why this might have happened would be very much appreciated.
Another interesting point is that the higher prices of September coincide with a lower amount of sales and subsequently when October prices got back in line with the the beginning of the 3rd qtr the sales pace has picked back up to pre-September levels