South Beach Condos Market Report September 2013

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The number of pending also jumped back up, so the slow summer activity has definitely been replaced by a more “normal” sales pace again.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 fewtrophy 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.

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