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Miami Beach Homes Real Estate Report and Analysis -A Sellers and Buyers Guide

By
Real Estate Agent with www.HomesForVIPs.com - Keller Williams Realty

Miami Beach Homes Real Estate Report and Analysis -A Sellers and Buyers Guide to buying and selling homes in Miami Beach.

Year to date there have been 94 closed sales of single family homes in Miami Beach so far in 2008.  This report will give you some perspective on what those prices really mean in terms of price per square foot in each price range and how that compares with those currently listed for sale in the Miami Beach area.

Right now there are 452 homes listed for sale in Miami Beach.

Miami Beach Real Estate

There is a distinctive difference between the listing prices in general and the homes that are listed to sell, or in other words priced right. The current average listing price in Miami Beach for all price ranges is $2,717,135, which is $629 per square foot. The average selling price for all homes that were sold in 2008 was $2,485,660 or $571 per square foot. The average selling price was 87% of the average list price (which was $650 per square foot on average at the time they were sold) and was on the market an average of 185 days. Prices have declined slightly since the beginning of the year.

For 2008, in Miami Beach only 1 house out of every 40 that is available for sale actually sells each month, so if your home is not one of the best priced homes in that particular price range, it most likely will not sell, and unless the price is adjusted to put it in contention to compete against the other homes, it may take a very long time to sell. Many people lose their patience and let the listing expire or cancel them when they are not priced right. The absorption rate (the amount of time to sell all of the current supply or inventory) is approximately 40 months based on the number of houses sold (94) so far in 2008 (254 days).

Average days on market is 185 days, which is the length of time a house is on the market (from the listing date until it goes into contract). This does not include the time it takes to actually close from when it went into contract, which averages about 60 days right now. What is telling about this number is that only if your house is priced right in Miami Beach, it will take approximately 245 days to actually close based on the information reported through various sources.

Contact Michael Sahlman, P.A.,e-PRO, IRES, CDPE and Cristina Euripedes-Sahlman, Realtors®, Keller Williams Realty Licensed Realtors® in Florida at 786-553-0697 to list your property for sale or to purchase a property in Miami Beach, South Beach, Fisher Island, Bal Harbour, Sunny Isles Beach, Surfside and the rest of Miami-Dade County Florida and southeastern Broward County Florida. We are accepting referrals.

Call us today at 786.553.0697 or Toll Free 800.475.3430. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.

To view all the Miami Beach Luxury Condos and Homes For Sale Click here. We know the nearby areas in Miami and all of Miami Dade County, as well as most of Broward County; we will help you get your home Sold if you need to Sell your home and help you buy your  Miami Beach Condo or Home; call us today at 786.553.0697.

Disclaimer: The information provided herein is supplied by several sources including the southeast Florida MLS and is subject to change without notice. Miami Beach and South Beach Real Estate Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Miami Beach and South Beach Real Estate Blog represent the opinions and ideas of the author(s). Miami Beach and South Beach Real Estate Blog does not express the views of the broker.

For more information about this report and real estate in Miami, Miami Beach, South Beach, Sunny Isles and the surrounding areas, contact us at 786.553.0697, email us, or visit our award winning website at www.HomesForVIPs.com. We are here to help you learn more about the different areas and to assist you in buying, selling or investing here in South Florida. As licensed Florida real estate agents, we are also certified as e-PROs and International Real Estate Specialists. We speak English, Spanish, Portuguese and French.

Copyright © 2008 By Michael Sahlman All Rights Reserved.* Miami Beach Homes Real Estate Report and Analysis -A Sellers and Buyers Guide to buying and selling homes in Miami Beach.*

Anne Hensel
South Beaches Real Estate Professionals - Saint Petersburg, FL
Realtor - Broker - St. Pete Beach, Treasure Island

Hi Michael

This is great information. I am in St. Petersburg Florida and our situation is very similar.

If you are not prices right, your home will sit and sit and sit. I have to admit, I believe that real estate is a very local business and that is why I focus just on the Saint Petersburg Tampabay area, so I am a bit clueless when it comes to the other side of Florida.

But talking to a few friends, and clients who own bought or sold property in Miami beach, the market did not crash at the same time our market crashed. what is your opinion, when did it go down hill for the Miami beach real estate market?

Sep 11, 2008 01:14 AM
Elizabeth Nieves
The Elizabeth Nieves Realty Group - Durham, NC
Bilingual Raleigh - Durham North Carolina Real Estate Team

Only 1 of every 40 homes available sells each month...WOW!! That is pretty incredible. IF you are a home owner trying to sell you home in Miami, it is critical that you have a professional on your side. I can't imagine how difficult it would be to work in a market like that.

This is fantastic information for everyone trying or planning to sell a home in Miami!

GBU, Michael!

Sep 11, 2008 07:17 AM
Michael Sahlman
www.HomesForVIPs.com - Keller Williams Realty - Miami Beach, FL
e-PRO - Miami Beach Florida Luxury Homes

Anne- decline really started after Hurricane Wilma in October 2005...the market could only go up for so long and the media was just aching to announce that the market bubble had actually burst. When Hurricane Wilma hit in October 2005, the media's forecast became a self-fulfilling prophecy as no one could do much for 2-3 weeks with power being out in several neighborhoods, extensive damage to windows and some buildings, thereby stalling many deals. The public panicked and started to add to the inventory and many stopped buying because of the fear.

Sep 11, 2008 10:57 PM
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Michael, This is a very good post for your local market. I have seen so many "cut and pasted" local blogs that are not at all interesting and have been looking for examples to follow in our market here in Austin Texas. I like the look and content of yours! Thanks!

Sep 11, 2008 11:15 PM
Michael Sahlman
www.HomesForVIPs.com - Keller Williams Realty - Miami Beach, FL
e-PRO - Miami Beach Florida Luxury Homes

Thanks Russell I am happy to oblige. I am trying to always keep in mind what is important to sellers and what would they like to read about.

Sep 11, 2008 11:19 PM
Tracy Santrock
Santrock Realty Group Inc. , - Cary, NC
Raleigh - Cary Broker

Michael,

I don't know if you need to move to video. Your photographs are spectacular and your positioning excellent.  However, 1 in 40 sold is quite a statistic.  I've had three clients call from South  FL this week wanting to move to our area.  The cost of living is quite a challenge.

Miami is fabulous.  Keep up the great lifestyle.

Sep 13, 2008 01:55 PM
Judy Peterson
Berkshire Hathaway HomeServices Fox&Roach Realtors - Tredyffrin, PA
"Superb Service, Superb Results"

Michael - What a challenging market. Love the photo! How did you get the panoramic shot?

Sep 17, 2008 11:20 PM
Michael Sahlman
www.HomesForVIPs.com - Keller Williams Realty - Miami Beach, FL
e-PRO - Miami Beach Florida Luxury Homes

I actually bought the photo through a graphic designer I used for a magazine Ad, which will probably be my last for a while. The Internet is so much better.

Sep 17, 2008 11:29 PM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Thank you for sharing such an in depth overview of Maiami Beach!  Very concise and informative.

Sep 17, 2008 11:51 PM
Michael Sahlman
www.HomesForVIPs.com - Keller Williams Realty - Miami Beach, FL
e-PRO - Miami Beach Florida Luxury Homes

Jim..it is my pleasure. I think it is each of our responsibilities to help others clearly understand what is going on in our own markets as real estate is truly a very local business.

Sep 19, 2008 09:11 AM
Michael Sahlman
www.HomesForVIPs.com - Keller Williams Realty - Miami Beach, FL
e-PRO - Miami Beach Florida Luxury Homes

Tracy if you think the cost of living is a challenge in Miami, you should see what it is in New York, which is where I am from.

Sep 19, 2008 09:15 AM