Miami Beach Florida Homes Report for October 2008
4 homes sold in Miami Beach, Florida during the month of October with sales prices that were 90% of asking price. The average sales price was $1,581,000 (the median price was $1,555,000) and stayed on the market for 282 days.
Sales were down 56 % from last month (4 sales); they were down from last year 60% (10 sales). There were 7 pending sales in October (properties that went under contract), which is up 75 % from the month before (4 units).
As for inventory, there are currently 441 homes listed for sale in Miami Beach (down 2 % from last month and unchanged from a year ago). Based on current sales, the absorption rate to sell all existing inventory is 110 months.Of course, that number is skewed because of the poor sales numbers of last month. Note that these numbers fluctuate each month depending on closed sales and existing inventory.
The highest home sale this month was for $2.85 million. The most expensive home listed for sale is for $25 million at 88 La Gorce Circle.
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.
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.
*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 Homes Report for October 2008*.