South Beach (Miami Beach Florida) Real Estate Market Report for September 2008
In South Beach (Miami Beach Florida) during the month of September, 58 homes and condos sold with sales prices that were 91% of asking price. The average sales price was $666,000 and the median price was $365,000 and stayed on the market for 135 days.
Sales were down from August (83 units) by about 30%, but up from last September (53 units) by 9%. Properties that went into contract (pending) numbered 69 in September, which was down almost 23% from August (91 units).
There are currently 2,244 condos and homes for sale in the South Beach area of Miami Beach, which consists of zip codes 33139. Inventory reached its peak in November of last year when there were 2,437 condos and homes available for sale after climbing steadily for over two years. Inventory levels have actually decreased almost 10% since then.
Below is housing data for South Beach Florida Real Estate (for both condos and homes) from the last 15 months from July 2007 through September 2008.
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| Date | 7/07 | 8/07 | 9/07 | 10/07 | 11/07 | 12/07 | 1/08 | 2/08 | 3/08 | 4/08 | 5/08 | 6/08 | 7/08 | 8/08 | 9/08 |
| For Sale | 2337 | 2315 | 2360 | 2414 | 2437 | 2313 | 2381 | 2367 | 2328 | 2250 | 2272 | 2288 | 2231 | 2195 | 2244 |
| Sold | 83 | 68 | 53 | 38 | 62 | 37 | 47 | 50 | 72 | 89 | 102 | 101 | 88 | 83 | 58 |
| Pended | 58 | 133 | 87 | 46 | 56 | 46 | 61 | 85 | 99 | 122 | 116 | 125 | 85 | 91 | 69 |
| Mon of Inv. on Sold | 28.2 | 34.0 | 44.5 | 63.5 | 39.3 | 62.5 | 50.7 | 47.3 | 32.3 | 25.3 | 22.3 | 22.7 | 25.4 | 26.4 | 38.7 |
| Mon of Inv. on Pended | 40.3 | 17.4 | 27.1 | 52.5 | 43.5 | 50.3 | 39.0 | 27.8 | 23.5 | 18.4 | 19.6 | 18.3 | 26.2 | 24.1 | 32.5 |
| Avg. Act Price | 846 | 848 | 861 | 869 | 858 | 870 | 861 | 881 | 868 | 892 | 901 | 899 | 931 | 949 | 935 |
| Avg. Sld Price | 780 | 627 | 802 | 896 | 770 | 488 | 643 | 714 | 770 | 873 | 879 | 849 | 775 | 698 | 666 |
| Avg. Sq. Ft. Price | 629.31 | 525.74 | 643.17 | 644.18 | 653.52 | 513.59 | 596.44 | 639.73 | 642.3 | 614.44 | 643.32 | 653.2 | 559.61 | 599.32 | 584.04 |
| Sold/List Diff. % | 89 | 91 | 83 | 92 | 87 | 90 | 91 | 90 | 95 | 89 | 87 | 89 | 90 | 88 | 91 |
| Days On Market | 154 | 129 | 120 | 130 | 144 | 151 | 180 | 141 | 129 | 146 | 149 | 127 | 162 | 152 | 135 |
| Median Price | 414 | 330 | 310 | 358 | 428 | 340 | 350 | 360 | 364 | 420 | 380 | 385 | 455 | 352 | 365 |
This representation is based in whole or in part on data supplied by Southeast Florida Association of Realtors or its MLS. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market. |
I believe that we are close to the bottom in South Beach, and there are many good buys to be had right now with so much inventory on the market. 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. Some luxury buildings and homes are more resistant to the conditions in the regional and national market.
For customized, detailed reports and more information about 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.
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.
To view all the South Beach and 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.
Copyright © 2008 By Michael Sahlman, P.A., All Rights Reserved.* South Beach (Miami Beach Florida) Real Estate Market Report for September 2008*.
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