Overall the Miami Beach and Barrier Islands saw median sales prices decline 4.9% over 2nd quarter and the number of closed sales were down 16.8% with marketing time increasing to 67 days. The only market segments to see a gain in market share were the 1 bedroom condos and 5 bedroom single family homes.
For the luxury condo market there was a decline in sales as inventory continued to climb. The average sales price was down 27.4% to $1,038 per square foot. The number of sales were down 14.5% and days on market grew to 126 days.
For the luxury single family home market the price trends were mixed as days on market grew. The Average sales price per square foot grew to $1,463 with a total of 8 sales in 3rd quarter.
If you look at South Beach specifically, the average sales price per square foot declined 10.6% to $647 and the number of sales dropped 21.9% to 217 compared to 2nd quarter. Year over year the price per square foot fell 11.1% with sales down 7.3% versus 3rd quarter 2015.
For Mid Beach compared to last year the price trend indicators were mixed as sales jumped and days on market grew. The average price per square foot was $565 with 80 closed sales and 121 days on market.
For North Beach price trends were mixed as well as marketing time jumped from 43 days in q3 2015 to 106 days q3 2016. Average price per square foot was $459 with 54 closed sales which was up 500% compared to the previous year.
Key Biscayne saw prices and closed sales decline for the condo market with an average price per square foot at $669 with 36 closed sales and marketing time increased to 151 days. For the single family home market price per square foot is down to $920 compared to last year at $1,100 and number of sales dropped from 13 to 7 with days on market up 63% to 144 days.
For more information to help guide you in your decisions to buy or sell in Miami Beach, Sunny Isles, Bal Harbour, Surfside, North Bay Village, Key Biscayne, or Fisher Island, please review the attached report below.