South Beach Condos Market Report August 2013
Here’s our monthly market report compiled from MLS data of all South Beach condos (zip code 33139).
The following charts shows the amount of available / pending condos in May & June as well as sales from the prior months, quarter & year.
As of 08/01/2013 there were 694 condos for sale in South Beach. If you are interested in the availability of a specific building or type of unit, you can use our property search function. As you can see this number remains almost unchanged from the prior month where there were 670 condos available. The number of pending sales dropped more than 30% from 344 as of July 1st to 225 as of August 1st. Part of this can be attributed to short sales that have been pending for a long time finally closing and being taken out of the equation. Fortunately, we are not seeing a lot of new short sales and / or foreclosures coming on the market, which adds to the ever increasing stability of the South Beach condo market.
No big surprises in the amount of sold (closed) condos which remains steady with 142 sold South Beach Condos in July 2013. We’ve started to report the trend of increasing or at least stable demand and decreasing inventories since early 2012 and it still continues to this day.
Some figures not shown in the charts: Current list to sales price ratio is 93%, which is slightly lower than the past few months where is was hovering at around 95%.
The average time it takes to sell a condo in South Beach these days has slightly increased to 122.
The current supply is still stable at 4.8 months. Generally speaking we consider a 6 months supply as a balanced market and more than 6 months supply as a buyers market so based on this number we are still officially in a sellers market.
I still see a very large discrepancy in pricing of newly listed condos vs. sales prices of recently sold south beach condos. Click here to see a list of the newest condo listings in South Beach.
We hope you find this information useful and come back to read our next South Beach condos market report next month.
If you have any questions or comments or want a custom report specific to a certain area / building, please feel free to contact us at any time:
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