Miami Beach Florida Real Estate Report for October 2008

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

Miami Beach Florida Real Estate Report for October 2008

93 homes and condos sold in Miami Beach Florida during the month of October with sales prices that were 91% of asking price. The average sales price was $454,000 and the median price was $316,000 and stayed on the market for 139 days.

Sales were down 18% from last month (153 sales), but up 11% from last year. There were 139 pending sales in  October (properties that went under contract), which is down 9% from the previous month (153 pendings).

As for inventory, there are currently 4,154 condos and homes listed for sale in the Miami Beach, (down 1% from last month and down 6% from a year ago. Because of the steep decrease in current sales, we have gone from 26-30 months of inventory (May to August) to 45 months for Miami Beach. See the data and graphs below. Note that these numbers fluctuate each month depending on closed sales and existing inventory.

I believe that this is an excellent time to buy right now in Miami Beach provided you have the extra cash. We are seeing the best deals going to the savvy buyers who act quickly as there are some good buys to be had right now with so much inventory on the market, but beware of the hype in the media as many of the distresses properties looked distressed too and are not part of the luxury market. As the markets stabilize here, we expect to see a slow but steady increase in buying. 

Miami Beach and South Beach Florida Real Estate

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.

Miami Beach Homes for Sale and Sales-October 2008

 

Miami Beach Homes for Sale and Sales-October 2008

 

Miami Beach Homes for Sale and Sales-October 2008

Miami Beach Homes for Sale and Sales-October 2008

*The above graphs and tables are provided by Trendgraphix.

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 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.* Miami Beach Florida Real Estate Report for October 2008*.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Eugene Demchenko 11/25/2008 12:59 AM
Topic:
Real Estate Market Trends
Location:
Florida Miami-Dade County Miami Beach
Groups:
All Things Florida
International Real Estate
Florida Snowbird Central
Posts to Localism
Miami, FL Real Estate
Tags:
miami beach florida real estate market report blog
miami beach florida homes and condos for sale

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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Hi Michael!  Interesting that your sales are down from last month but, up from last year this time.  This market is just CRAZY!  Now IS the time to buy and to be able to buy in your area for those prices is just amazing.  I wish I had the power to invest in one right now as I certainly would!

I love your photograph too!  Looks like it was shot right out of an airplane!

Debe in Charlotte

Nov 23, 2008 04:59 AM #1
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Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

That is a beautiful photo.....makes me want to head your way.  It is warmer here today but gloomy skies.

I wish I was in a position to invest.

Nov 23, 2008 07:04 AM #2
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Elizabeth Nieves
The Elizabeth Nieves Realty Group - Durham, NC
Bilingual Raleigh - Durham North Carolina Real Estate Team

Down 18% ...but up 11% from last year. The up from last year part sounds good. Let's hope it keeps heading in that direction. I'm looking for more good news in the near future. Keep us posted. BTW...miss ya lately. GBU~

Nov 24, 2008 10:47 AM #3
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Michael Sahlman

e-PRO - Miami Beach Florida Luxury Homes
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