The current market presents an excellent opportunity for buyers and investors looking for properties in the coveted Brickell and Downtown Miami areas.
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CONDO MARKET UPDATE
Since six months ago, the number of active listings is up 2% while the sold properties remain the same with 0% change.
The pended are down 26.2%. When the PENDED LISTINGS indicator is rising, our market is in recovery. Contracts have been written and are anticipated to close.
Average home prices are down. The price per square foot of a condo residence, is approximately $415 per square foot – which is a decrease of 9.4% over last six months.
Part of the reason for the increase of inventory: Homes remain on the market an average of 187 days — an increase of 21.4% over last six months. Homes are selling within 87% of their originally listed price.
The average listed price in Brickell/Downtown Miami is $755,000 -- a 3.3% increase over last six months. The average sold price is $455,000.
When analyzing the market conditions, it is important to look at the Months of Inventory.
Currently, the Brickell/Downtown Miami market is experiencing 27.1 months of inventory, which is indicative of a strong Buyer’s market. This is a 1.9% increase from six months ago.
The current market presents excellent opportunities for buyers and investors. Contact me directly to see the best listings available:
EWM Realty International - Brickell
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