Brickell Condo Report for 4th Quarter 2017

Real estate market data for BRICKELL - Greater Miami Condominium Sales. The Miami River to Interstate 95 to the Rickenbacker Causeway presented by Philippe Diener - Source BHS Quarterly Reports

Brickell Condo Prices

During the 4th Quarter of 2017, the Brickell condominium market presented a continued overall decrease in price per SQFT and sales price (average and median) compared to the previous year’s quarter (Q4 2016) and to last quarter (Q3 2017). Although the past three quarters in 2017 presented a continued decline in sales, the number of closings increased by 20.9% to the prior year quarter (Q4 2016). New properties offered for sale in the market (New Listings) remain at a constant incline. Due to a larger increase in sales than new listings, the absorption period dropped by .4 months compared to Q4 2016.

If you are considering buying a condo you can still find deals on a residence within the Brickell area but having a good real estate agent who understands the market is a must.  Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price. To make sure you don't overpay for your condo, you'll want to have an agent that does a thorough market analysis of the Brickell condo on which you are making an offer.

If you are interested in how much current inventory is on the various Brickell condo buildings you can find that information by clicking on the link. High inventory will suggest that condos are sitting on the market for longer. Currently in this area of Miami, condos have a median time of 172 days on the market before they sell. This would suggest that buyers are in a great position to make an offer on a condo. Sellers should make sure to price their condo near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Brickell has multiple offers coming in on condos similar to what we saw back in 2007. 

Brickell Real Estate Report Summary

The average sale price in the 4th Quarter 2017 for condos in Brickell was $470,149. The average sale price decreased by 12.2% from the 4th Quarter 2016.

The average price per square foot for the 4th Quarter 2017 for sold listings in this area was $389.

The Brickell area saw 197 closings in the 4th Quarter 2017

The absorption period (months) for the Brickell area during the 4th Quarter 2017 was 12.9

Find Condos for Sale in the Brickell Miami area

Visit my website to search for condos in Brickell or to be notified when Brickell Condos come on the market.