With $500,000,000 in closed sales, South of Fifth keeps commanding top prices

  • Tracy Ferrer
  • 06/3/21

Known as one of Miami’s most desired condo corridor, South of Fifth or SoFI has always proven a hotspot for real estate transactions. In 2021, SoFi continues to enjoy its prominent status. 

Half a billion in sales volume past 90 days

Today is June 3rd, 2021. In the past 90 days, there have been 120 condos sold and an additional 30 put under contract. $514,163,652 have traded hands. This half a billion dollars exchange will only increase the taxable value in and of the area.

The average sold price per square foot is $4,284,697. The average size of the condos sold is 2,391 square feet with a bedroom count of 3. Currently, there are 132 condos in South of Fifth for sale  in the $1M+ range at an average asking price of $4,438,116. Total volume for the 132 condos active on the market exceeds $585,000,000.

 

You can choose from a wide variety of penthouse floors, single-room units, gorgeous condominiums, beachside townhomes, and multi-million dollar estates in South of Fifth. Surrounded by water on three sides and the sparkling downtown skyline to the north, the views offered from these residences are always spectacular.

Seller's Market in Miami Beach

It is a seller's market in Miami Beach, zipcode 33139.  In April 2021, the number of for sale listings was down 44.6% from one year earlier and down 8.6% from the previous month. The number of sold listings increased 99.7% year over year and decreased 8.5% month over month. The number of under contract listings was down 5.7% compared to previous month and up 240.9% compared to previous year. The Months of Inventory based on Closed Sales is 2.5, down 72.4% from the previous year.

Average Sold Price Increased in Miami Beach

The Average Sold Price per Square Footage was up 7.2% compared to previous month and up 52% compared to last year. The Median Sold Price increased by4.8% from last month. The Average Sold Price also increased by 8.8% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Appreciating".

The Average Days on Market showed a neutral trend, an increase of 9.7% compared to previous year. The ratio of Sold Price vs. Original List Price is 94%, an increase of 3.3% compared to previous year.

 

All reports are published May 2021, based on data available at the end of April 2021 for Miami Beach, zipcode 33139 for condos and townhomes $1M and over. except for the today’s stats for South of Fifth (SoFi). 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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