Downtown Miami Real Estate Report and Market Analysis

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Downtown Miami Real Estate Report | A year in retrospect 2016

Did our predictions come true?

Last year when we wrote the 2015 Brickell Real Estate Report we made some predictions on where the market was heading and provided Downtown Miami condo owners and buyers alike with some advice[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/6"][/vc_column][vc_column width="2/3"][vc_single_image image="20108" img_size="600x400"][/vc_column][vc_column width="1/6"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

Did our Downtown Miami Real Estate Market Predictions come true?

I would love to say that we have a vision of where the market was heading, but the truth is that many other well researched and educated owners saw exactly what we saw. The market really did perform how we thought it would. So, 'Yes' we predicted correctly![/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/4"][/vc_column][vc_column width="1/4"][vc_column_text]

Read the Brickell Real Estate Report and Market Analysis _

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Read the Edgewater Real Estate Report and Market Analysis

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Interesting Links and News

The Downtown Miami Neighborhood Blog The Downtown Miami Quarterly Real Estate Reports A Top 10 Pick in Downtown Miami Downtown Miami Pre-construction Condos Downtown Miami resell Condos The Best of Miami Real Estate Page

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The Downtown Miami Real Estate Report - Inventory levels in 2015 - 2016

Inventory did indeed continue to rise through the end of 2015 into 2016. It peaked in April 2016 with 52.7 months of inventory (that is 5 times more than a stable market can handle!) It continues to remain high but has oscillated a little and currently sits at 28 months.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/2"][vc_column_text]

The Downtown Miami Real Estate Report - Inventory levels in 2015 - 2016

Inventory per type of Downtown Miami Condo

How much inventory is there across the unit ranges?

• 1 bedroom Condos – 32 months
• 2 bedroom Condos – 24 months (previously as much as 80 months in February 2016)
• 3 bedroom Condos - 25 months (previously as much as 87 months in May 2016).
• 4 bedroom + Condos – 9 months

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The Downtown Miami Real Estate Report – Average Prices per Sq.Ft in 2015 – 2016

The average price per Sq.Ft dropped from $411 in 2015 to $410 in 2016 (until July 2016). This means that despite the rising inventories prices didn't really take a hit. The average sold price of a unit in Downtown Miami today is $516,000.

The Downtown Miami Real Estate Report – Average Days on Market 2015 – 2016

Downtown Miami Condos continue to linger longer on the market as buyers hesitate to pull the trigger. In 2015 the average amount of days a property stayed on the market before being sold was 135 days, today that is an average of 183 days. The lesson here is that sellers need to wake up to the fact that if they want to move their units fast they need to come in line with the market or expect a lengthy wait.

• An average 1 bedroom is: $378,000 (Listed on average for $343,000) – 9% less
• An average 2 bedroom is: $648,000 (Listed on average for $542,000) – 16% less
• An average 3 bedroom is: $1,100,000 (Listed on average for $849,000) – 23% less
• An average 4 + bedroom is: $3,891,000 (Listed on average for $1,862,000) – 52% less

  This tells us again that what sellers are asking and what they sell for are quite different! The expectation to reality is quite different, and the biggest correction is in the 4+ bedroom market. Admittedly units don’t sell for 2 reasons: price or marketing. We are experts in the area of selling Downtown Miami condos and know what it takes to get your unit sold.

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Comparing the different price ranges in Downtown Miami Condos

The only category that saw increasing prices in 2016 are the condos priced between $500,000 and $800,000 even thought the inventory levels within this category show the highest levels.[/vc_column_text][/vc_column][vc_column width="1/2"][vc_column_text]

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Conclusion:

If you are an owner of a Downtown Miami Condo and are thinking of selling. Please call us for specific advise, analysis and guidance in selling your unit.

If you are considering a purchase let us guide you. We will help you avoid the pitfalls and choose the best investment

Read our follow up Blog:

‘The Miami Condo market – contamination and Containment’.

What Miami neighborhood you should buy a Condo in and where you should not!

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Source Here: Downtown Miami Real Estate Report and Market Analysis