Here are the latest statistics for South Beach condos:
As of July 31st, 2010 there were 1637 condos for sale in South Beach (zip code 33139). Since Jan 2010 the number of listed condominiums remained relatively stable, fluctuacting only between a low of 1586 units at the beginning of May and high of 1652 South Beach condos for sale at the beginning of April.
With 78 condos sold in July, this has been an one of the slower month, albeit in line with the amount of sales for Jan, Feb and April. The three most active months this year so far were March with 128 closed sales, May with 100 closed sales and June with 120 condos sold in the 33139 zip code.
Currently approximately 22% of all south beach condos listed for sale are either short sales or foreclosures, with almost 45% of all closed sales beeing one or the other. That means that almost half of all the sales that happen involve some kind of distressed property, while only one fifth of all units listed for sale are distressed.
One major trend I’ve been noticing over the past few months is that the amount of bank owned condos listed for sale in South Beach and Miami Beach has been steadily increasing for the past 4 months (see graph below).
While I don’t have firm evidence to prove this point, all my numbers and indicators point to the fact that this increase isn’t caused by an actual increase in foreclosure activity in the area, but rather by a release of the so called “shadow inventory” from the banks. I will be monitoring this trend closely over the next few months. I have disagree or even have any evidence that suggests otherwise, I would love to hear from you.