South Beach Condos Market Report October 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 for July, August & September as well as sales from the prior months, quarter & year.
As of 10/01/2013 there were 896 condos for sale in South Beach. If you are interested in the availability of a specific building or type of unit, please our property search function for immediate answers or contact us to help with your inquiry. Since we started tracking these figures in May 2013, the amount of available South Beach condos has hovered between 800-900 except in June and July where there were less than 700 south beach condos for sale. The number of pending sales as of 10/1/13 is slightly lower than in the previous month with 272 vs. 314 condos being put under contract.
3rd qtr sales are down by approx. 20% from the previous qtry, which is not really a surprise, since the Miami Beach condo market always tends to be slower in summer (really, who wants to be in Miami Beach in August anyway ?)
Another indicator that most of the large fluctuations are merely of a seasonal nature is the amount of sold south beach condos in the past 12 month.
In the 12 months prior to 10/1/13 there were 1696 south beach condos changed owners compare that with the 12 months prior to 6/1/13 were 1615 sales were made and you see that the amount of total condos sold in a year has actually gone up by about 5% in the past 4 months.
Some figures not shown in the charts: Current list to sales price ratio is 96%.
The average time it takes to sell a condo in South Beach these days is the lowest since we started reporting at 86 days (less than 3 months)
The current supply went up over the past few months and is not at a little more than 8 months which indicates that we have moved into a slight buyer’s market again. This is further cemented by the fact that the average list and sold prices per sqft have come down slightly (~ 4%) in the past months. This again could just be a seasonal deviation, but might also be the beginning a of new trend. We will find out which is true over the next few months.
If you want to be the first to know about new south beach condo hitting the market you can 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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