Red Hot Sellers Luxury Market in South Beach

  • Tracy Ferrer
  • 07/19/21

South Beach Red Hot  -Sellers Market

It's a sellers market. Buyers have had to sift through limited inventory, paying top dollars for properties in the first 6 months of 2021. And, the luxury condo market in South of Fifth (SoFi) has remained fiery as well.

 

"June 2021 was a Seller's market for South Beach.  Based on closed sales, the months of inventory is 6.7 months.

The number of for sale listings was down 47.3% from one year earlier and down 3.7% from the previous month. The number of sold listings increased 74.8% year over year and increased 4.6% month over month. The number of under contract listings was up 2.3% compared to previous month and up 27.7% compared to previous year. The Months of Inventory based on Closed Sales is 2.1, down 70.9% from the previous year.

The Average Sold Price per Square Footage was down 3.6% compared to previous month and up 41.9% compared to last year. The Median Sold Price increased by 3.6% from last month. The Average Sold Price also decreased by 2.7% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Appreciating".

The Days on Market Shows Downward Trend*

The Average Days on Market for 33139 showed a downward trend, a decrease of 13.7% compared to previous year. The ratio of Sold Price vs. Original List Price is 95%, an increase of 5.6% compared to previous year. 

*The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for June 2021 was 69, down 9.2% from 76 days last month and down 13.7% from 80 days in June of last year.

Absorption Rate based on Closed Sales

Absorption Rate based on Closed Sales

The June 2021 Absorption Rate for 33139 based on Closed Sales of 47 was increased by 231.4% compared to last year and up 8.5% compared to last month. It is a Seller's Market*

Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month."

  • Buyer’s market: 16.67% and below
  • Seller’s market: 33.33% and above
  • Neutral market: 16.67% - 33.33%

$212,000,000 sold in SoFi past 90 days

In the past 90 days, 75 condos have traded hands and an additional 10 have been put under contract or pending status in South of Fifth. The highest sale was Continuum South #3603/04 for $30,000,000 at $3,654 per square foot. The average size for condos sold was 2,000 square feet, with an average closing price of $3,670,833.  The average days on market for pending contract has decreased from contracts sold. The average days on market for condos sold was 214 vs 147 for pending sales.

Download SoFi closed sales

 
 
Miami Beach, 33139 report done by Trendgraphix. All reports are published July 2021, based on data available at the end of June 2021, except for the today’s stats. All reports presented are based on data supplied by the Beaches MLS (Realtor Association of the Palm Beaches, Jupiter-Tequesta-Hobe Sound AOR, Realtor Association of St. Lucie), Realtor Association of Miami, the Greater Fort Lauderdale Realtors, or the Southeast Florida Multiple Listing Service (MLS). Neither the Association nor its MLSs guarantee or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS's may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

 

 

 

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