Miami Beach Florida Condo Report for October 2008

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

Miami Beach Florida Condo Report for October 2008

89 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 $403,000 and the median price was $290,000 and stayed on the market for 133 days.

Sales were down 14% from last month (104 sales), but up 51% from last year. There were 132 pending sales in October (properties that went under contract), which is up 11% from the previous month (119 pendings).

As for inventory, there are currently 3,713 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 25 months of inventory in May to 42 months currently 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 Florida Condos Market Report

 

Miami Beach Florida Condos Market Report

 

Miami Beach Florida Condos Market Report

Miami Beach Florida Condos Market Report

*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 Condo Report for October 2008*.

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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Michael- There is great inventory in Miami for sale now. Sellers need to price right and buyers have some great opportunities!

Nov 30, 2008 12:09 PM #1
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Anne Hensel
South Beaches Real Estate Professionals - Saint Petersburg, FL
Realtor - Broker - St. Pete Beach, Treasure Island

Michael, you numbers sound promising. Looks like you guys will have a great season next year.

Good luck.

Realtor

Nov 30, 2008 01:17 PM #2
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Michael Sahlman

e-PRO - Miami Beach Florida Luxury Homes
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