Miami Beach is showing signs of improvement as pending sales are up there sharply from 66 units in December to 177 in April. 117 homes and condos sold in April with sales prices that were 85% of asking price. The average sales price was $891,000 and stayed on the market for 152 days.
There are currently 4,368 condos and homes for sale in the Miami Beach, which consists of zip codes 33139, 33140 and 33141 and does not include North Bay Village. Inventory reached its peak in May of last year at 4,701 condos and homes available for sale after climbing steadily for over two years. Inventory levels have actually decreased slightly in the last few months. Note that the inventory levels have not changed much since the beginning of the year. While the average sales price was $891,000, the average median sales price was $420,000 in the month of April.
I believe that we are close to the bottom in Miami Beach, and there are many good buys to be had right now with so much inventory on the market and with mortgage rates and financing options still very attractive for those with good credit, income and assets. In other words, the buyers are starting to wake up and are doing deals now. See my website for Market Conditions for more detailed information on these statistics. We expect to see a continued and steady increase in activity as the smart buyers start to buy. You just have to know where to look and in what area you want to buy, whether it is a specific building, street, neighborhood or area.
The most optimistic sign of the market recovering a little or at least not continuing to decline is the increase in the pending sales number per month, which is an excellent future indicator of sales. Pending sales are the number of units that have gone into contract. Below is a chart showing a steady increase in pending sales over the past 5 months -they are up almost 100% from where the numbers were in December. Sales are actually a little down between April and March of this year for all of Miami-Dade County Residential Units, but they are up since January, which was the worst month for number of units sold in the past several years. Below is a chart showing the number of pending sales, closed sales and available units for sale each month for the past 15 months.
For customized, detailed reports and research from one of the leading real estate experts in the area, please do not hesitate to contact Michael at the toll free number 1-800-639-3520 Ext. 9019 or call him directly at 786.553.0697. He can also be contacted by email. The reports show recent sales, available stats and facts and trends reports by zip code, area, city and/or building, and provide clients with an overall snapshot of inventory, closed sales, avg. sales price, sale price compared to list price, days on market and months of inventory. You can also visit his website at www.HomesforVIPs.com.
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