In the month of April 2008, there were 117 closed sales in Miami Beach, which includes both condos and single family homes. The average sales price was $949,578 at $455 per square foot and was on the market an average of 171 days before it went into contract. The median price was $425,000 - meaning 55 properties sold for less and 55 sold for more. Compared to April 2007, sales are down 27%, however they are up 5% from the prior month. Note that 80 of the 117 closed sales occurred in South Beach, the most expensive and exclusive area of Miami Beach, which is in the zip code 33139.
There are now 4,611 condos and houses for sale in Miami Beach, which means out of every 45 properties there is one sale per month currently, however, pending sales saw an increase from the previous month from 137 to 152 homes. Pendings are a leading indicator of future sales as these should be closing typically within 60 days.
For more information on Miami Beach real estate or in South Florida, please call me at 786.553.0697 or email me at Michael@HomesForVIPs.com. My website is www.HomesForVIPs.com. Note that we also specialize in distressed properties and bulk sales.