Miami Beach 2016 Residential Real Estate Market Update
Miami Beach number of single family home and condo sales have declined by 19.1% in December 2015, over December 2014. Inventory has increased by 23.9% in that time period. This indicates the market is shifting from sellers market to buyers market.
Average price per SqFt for all Miami Beach properties in December 2015 were $687/SqFt, a 14.9% increase from 12 months prior.
Days on the market remain relatively stable at 117 in December ’15, only a 2.6% increase from 12 months prior.
Although residential property inventory in Miami Beach has increased, sale prices still remain higher than previous periods. Average active listing prices were $1.831 Million in December ’15, a 12.1% increase from 12 months prior. Average closed sale prices in December ’15 were at $867K, an 18.9% increase from 12 months prior.
Months of Inventory from December ’15 has increased by 53.1% over 12 months prior. This indicates that the market may slow due to the rise in available units for sale.
Miami Dade 2016 Residential Real Estate Market Update
The volume of residential properties for sale in Dade County have increased by 4.7% in December 2015 over 12 months prior. Consequently, the number of units sold have decreased by 6.9% during that same time period.
Average Price per SqFt in Dade County as of December 2015 was $264 / SqFt, an 8.6% increase over 12 months prior.
Properties are selling faster than in previous months. Days in the market has decreased by 6.7% in December 2015 over 12 months prior, from 83 ADOM to 89 ADOM (Average Days on Market).
Currently Active residential property average prices have increased in December 2015 over 12 months prior by 22.1%, the average price being $1.015 Million. Average sold prices have increased by 13.9%, amounting to $433K. More luxury units (over 1 Million) are being listed but the lower prices ones are the ones selling.
Inventory has seen a sharp inclined in Q4 of 2015, ending at 8.9 Months of inventory in December. This is a 12.6% increase from 12 months prior. With over 6 months of inventory, Dade County is experiencing a buyers market.