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.
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*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.
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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*.