Thirty Days on the Beach
Categories: Miami Beach, Real Estate News, South Florida Market Stats
hiI was looking at the sales figures on Miami Beach for the past 30 days, and according to the MLS, 90 units sold during this period. Today there are 3,949 units on the market, and at the recent rate of sales, it would take approximately 44 months to retire the current inventory.
The SoFi (South of Fifth) neighborhood of Miami Beach, was responsible for 20 of those sold units, although it only has 472 units on the market today. If sales continue at this rate, the remaining inventory will be absorbed in about 23 months.
If I were to remove the South of Fifth sales from the total Miami Beach Sales the resulting figures would be sales of 70 units in the previous month, out of some 3500 units on the market today. It would take over 4 years for these units to sell off at that rate.
So what does this indicate to me? South of Fifth condos are selling at a respectable rate, and twice as fast as units on the rest of the beach. I think that many buyers are using the current market conditions to cherry-pick some of the most desirable units on the Beach at good prices. They are comfortable with the SoFi lifestyle, and while they may be able to find better prices elsewhere, they are not able to duplicate the South of Fifth neighborhood anywhere.
