Some people think that the summer months are slow for Miami’s real estate. I’ve got a special information including is our Q2 Market Report for Miami and its beaches.
Q2 2018 sales report details market statistics for most of the Miami area’s major municipalities and neighbourhoods. That includes in-depth reports on home and condo sales around Miami Beach and surrounding areas, as well as downtown Miami and other cities within Miami-Dade County like Aventura, Coral Gables and others.
Condos located in Miami Beach proper — which extends from 5th St. north to West 63rd St. — made up the bulk of sales volume detailed in the BHS report, with 351 closed condo sales during Q2. BHS also found that sales performance largely matched the findings of Douglas Elliman’s broader Q2 report — Miami Beach recorded growth in the number of closed condo sales but an almost 4 percent decrease in median sales price. The number of new listings also declined 6.1 percent annually. The BHS report also found that including Q2 2018, the last four quarters have all brought higher numbers of closed condo listings in Miami Beach.
The report on Miami Beach condo sales also broke down the types of condos that sold during Q2 and reported their median prices. The bulk of condo units sold during the period (42.2 percent) were listed as one bedroom, and fetched a median price of $251,250. But in certain parts of Miami Beach, like Surfside, Bal Harbour, Sunny Isles and Key Biscayne, two bedroom condos predominate.
Outside of Miami Beach, closed condo sales in the second quarter of 2018 were concentrated in Aventura (287 closed sales) and Brickell (280 closed sales). Prices in both markets increased over the prior year by wide margins: In Aventura, the median condo sale price was $317,500, a 9.1 percent spike over last year, while Brickell saw median price growth of 4.1 percent to $380,000. Notably, Brickell’s 280 closed sales represented a nearly 50 percent increase over Q2 2017, while 809 new listings came online during the same period.
Read the rest of the Q2 2018 sales report below, which includes data for condos and single-family home sales within other Miami communities.
Miami Beach, During the 2nd quarter of 2018 the Miami Beach condominium market showed a slight decline in sales price with an average sales price of $549,365 (down 3.9%) and median sales price of $335,000 (down 4.3%).The number of closed sales increased to 351, up 5.1% to the prior year’s quarter Q2 2017. For the past four quarters, the number of closing (sales) increased consecutively, displaying an upward trend. The listing discount (price reductions) remained steady at a 11%, as new properties offered for sale in the market (New Listings) fell by 6.1% to Q2 2017. A decline in new listings with an incline in sales resulted in a 0.9 month drop in the absorption period.
South of Fifth, For the second quarter of 2018, the condominium market in the South of 5th area revealed an overall increase in average sales price at $2,085,336 (up 63.6%) and median sales price at $850,000 (up 18.9%) to the previous year’s quarter (Q2 2017) yet sales price decreased slightly to last quarter Q1 2018. Even with the previous quarter’s decrease, the number of sales continues to increase consecutively from the previous three quarters. From 2014 to present (Q2 2018), sales price displays an upward trend line. There were a total of 76 closings to end the quarter, down 6.2%, as the number of new properties offered for sale in the market (New Listings) matched the downward trend at 139 listings, down 20.6% from the prior year’s quarter (Q2 2017). Due to a higher decrease in new listings than sales, the absorption rate (the number of months at which homes sell at the current sale rate) lowered by 1 month to the previous year’s quarter.