South Beach Condos Market Report September 2013
Here’s our monthly market report compiled from MLS data of all South Beach condos (zip code 33139).
As of 09/01/2013 there were 810 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 South Beach condo search function.
This is quite a spike from the previous month where there were 694 condos available, however June & July are traditionally “slow” months for real estate in South Beach and the amount of currently listed condos is back in line with April & May numbers.
The number of pending also jumped back up, so the slow summer activity has definitely been replaced by a more “normal” sales pace again.
We’ve reported a large discrepancy between the average list price of recently sold units and currently listed units ($830/sqft vs. $560/sqft). After further review we found that this can largely be attributed to a few trophy properties that are listed between $3500-$6100/ sqft. Once we remove these from the equation, the average list price for currently available condos in South Beach drops to just over $600/ sqft.
The amount of sold (closed) condos was low for August, which again can be attributed to slow sales activity during June / July.
Some figures not shown in the above chart:
Current list to sales price ratio is 95%
The average time it takes to sell South Beach condo these days is 110 days (less than 4 months)
The supply of available south beach condos has increased to approx. 8 months, which in itself would indicate a buyer’s market, however this is only a temporary increase due to the slow sales pace mentioned above, paired with the spike in inventory (supply = inventory/ sales).
Click here to see a list of the newest condo listings in South Beach.
If we look at the averages sales pace for the year, supply hovering around 6 months, which would indicate a balanced market. We believe that the next report will show us to be in a seller’s market again.
We hope you find this information useful and come back to read our next South Beach condos market report in October 2013.