Miami Beach luxury waterfront home sales drop 50% from last year. No doubt it is easy to see that the real estate activity is not what it was last year. But after running the numbers, I was in no way prepared for the reality of the current state of Miami Beach real estate.
Even if you don't live in Miami it's easy to surmise that condos here (as they are everywhere, actually) are having a tough time. There hasn't been many analysis done on the SFR market here in Miami, so I was shocked to actually see exactly how off the sales are
To get a better picture on the actual state of the real estate market here in Miami Beach, I ran the numbers for the same period last year to see the comparison.
Here's where the rubber meets the road:
Number of Waterfront Homes Sold:
Sold Average $PSF
Average Days on Market [DOM]
In my opinion, these numbers represent the great divide between Miami Beach sellers and buyers. This is why inventory is backing up and number of sales are cut in half. Simply put, buyers seem to want to pay far less that what a seller is willing to accept.
I think that's called a stalemate (It may not, but I figured it sounded like a really nice way to wrap up this post.).
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Miami, Miami Beach and South Beach luxury real estate from the area’s most respected Realtor®. I specialize in immediate occupancy condos, pre-construction condos and condo-hotels in Miami-Dade Co.
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