The third quarter Elliman Report for Miami Coastal Mainland showed overal in condo and single family homes that the median sales price was up 9.6%, closed sales were down 15.1% and inventory down 2%. Marketing time increased to 47 days.
For Brickell the price trend indicators and sales declined with marketing time and negotiability expanding. The Average sales price was $421 per square foot with a 6.6% listing discount which is down from 7.2% in 2nd quarter and average sales price also dropped from 2nd quarter which was $441 per square foot.
For Downtown Miami there was little change in the average price per square foot as 3rd Quarter was $198 and 2nd Quarter was $201. Days on market increased to 100 and the listing discount from original price remained around 4%
The luxury condo market on Miami Coastal Mainland showed a significant drop to $442 per square foot in 3rd Quarter versus $742 in 2nd quarter. Number of sales were down 19% over the 2nd quarter and days on market increased to 129.
The luxury home market on Miami Coastal Mainland gave mixed price trend indicators as the average price per square foot remained around $431 with days on market increasing to 118 days; which was up 9.3%
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