Biscayne Real Estate

01/02/2020

Happy New Year everyone!

01/02/2020

Single-Family Homes Market Update - Dec 2019

Kendall, Miami Shores, and Coconut Grove have their inventories of unsold single-family homes at the lowest levels in the last 12 months. It would take merely 4.3 months to sell 153 active listings in Kendall, 6.4 months to sell 88 listings in Miami Shores, and 10.2 months to unload 169 listings in Coconut Grove. There is a different consensus on what constitutes buyers' or sellers' market but in our opinion, the range 8-12 months indicates the market-neutral field. Inventory short of 8-month supply indicates sellers' market and over 12-month of homes supply points to a buyers' market. The largest inventory increase has taken place in Key Biscayne where 121 active single family listings would take 37.2 months to sell.

The largest increases in median sale price year-over-year have taken place in Miami Beach with 12.6%, followed by Upper East Side with 5.1%, and Palmetto Bay with 3.7%. Even more impressive is the trailing 3-month data (2019 over 2018) for Miami Beach: Median sale price is up 57.2% from $1,270,000 to $2,004,500 and average price per square foot 22.9% which grew from $704 to $865. This surge is due to the record number of high price sales in the last 3 months: of the 46 closed sales, 50% of them sold over $2M, 19.6% over $5M, and 10.9% over $10M.

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11/19/2019

This table presents updated data for single-family homes throughout Miami neighborhoods.

East Kendall has the highest year-over-year increase in the median listing price of 15.3%. Coral Gables’ median listing price conversely dropped by 11.8% from November of last year. Although the listing prices themselves are of significantly lesser value indicator than selling prices since listing prices merely represent either seller’s or their agent’s hopeful or anticipated sale price of their property, they are still a part of comprehensive neighborhood picture.

As you can see in the table above, comparing the year-to-date median sale price of Miami single-family homes in 2019 to the median sale price in 2018 depicts gains in the majority of the surveyed markets except for Coral Gables which dropped by 4.6% from $970,000 to $925,000. East Kendall and Coconut Grove posted rather insignificant drops of less than 1%. We calculated increases of between 4-5% for Upper East Side, Palmetto Bay, Pinecrest, and Key Biscayne.

Inventories have notably surged in two neighborhoods compared to a year ago. Pinecrest by 21.4% to 11.9 months which is still within a12-month norm but Key Biscayne by 17.8% to 32.5 months which is presently the highest level since we started compiling these reports.

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11/12/2019

This graph depicts the average rents for 2 bedroom apartments in various buildings in Brickell neighborhood in the last 12 months.
Let us know if you are looking for a rental apartment in Brickell. Send us a message here or call 305-458-4140

10/31/2019

Most notable changes of available condominiums for sale took place in Coconut Grove where the number of available units increased by +9.4% to 233 and Edgewater where it decreased by -2.3% to 991.

We show the changes of available units for sale (above) but also inventory levels (bellow) which is calculated as how many months it would take to sell off currently available units. In our scenario we use a number of sale per month calculated from the number of total sales which took place in the last 12 months to avoid seasonal fluctuations.

Inventory levels decreased most significantly in Edgewater (1.6 months or 5.7%) and Key Biscayne (1.1 months or 5.6%). Comparing the current levels to November of 2018, five out of eight surveyed neighborhoods have lower inventories with other three increasing by less than 1 month (South Beach, Aventura, and Key Biscayne).

Comparing the current median asking prices to October of last year, Downtown Miami edged up by 4.7% to $450,000 while Edgewater slipped by 5.3% to $540,000.

Last 90-day Median Sale Prices appear most alarming in Sunny Isles where the median sale price plummeted by -15.1% to $344,250 compared to data from October of 2018 and in Coconut Grove with a drop of -15.5% to $405,000. 2019 year-to-date data compared to 2018 look slightly better but still grim setting the median sale price drop for Sunny Isles at -7.4% and Coconut Grove at -8.9%. South Beach had a downward trajectory since March of this year but compared to median sale price a year ago, at $292,000 it is up by +15.4%.

09/16/2019

Number of active single family listings decreased on all surveyed neighborhoods by an average of 10.6% with a sole exception of Key Biscayne where the active listings number increased by 5.2%.

Most notable changes in median sale price in the last 90 days took place in Miami Shores, Pinecrest, and Coconut Grove where the prices increased 21.0%, 11.2%, and 10.3% consecutively, and Key Biscayne where the median price dropped by 17.2%.
While we compare the trailing 3 month median sales data (June through August) to the same period in the previous year, resulting difference is not necessarily indicative of ongoing trends in any particular neighborhood. If, on the other hand, these trends occur on repetitive basis plus are further supported by a drop in monthly sales, increased inventories, and lowered listing prices many of which have been for example taking place in Key Biscayne recently then this surely raises a red flag.

Inventory levels followed the same pattern as median sale prices by declining in all surveyed markets except Key Biscayne where it ballooned to 32.5 months. East Kendall and Palmetto Bay have currently the lowest inventory levels of 5.4 and 6.2 months.

03/28/2019

Condominium Market Snapshot - March 2019

The largest increase of median sale price in 3-month trailing period year-over-year (Dec-Feb) has been observed in Coconut Grove (15.3%), followed by Key Biscayne (10.6%), and South Beach (8.9%). On the opposite side in the red is Aventura (-12.9%), Edgewater/ Midtown (6.9%), and Downtown/ Central Business District (4.9%).

Inventory level increased the most in South Beach by 3.2 months to 23.4 months compared from 4 months ago and decreased the most Downtown Miami by 2.7 months to 22.7 months.

In case you have not read our last Single Family Report in which I addressed a large discrepancy between Median List Price and Median Sale Price, the explanation is that the pricing spectrum or rather a distribution of pricing for available properties does not correspond to the pricing range of sold properties. For example, in South Beach, 78% of available condominiums are priced under $1M but the ratio of those sold in the last 90 days is 86%.

Date Source: SEF MLS

11/16/2018

November Condominium Market Snapshot
The biggest winner and the biggest loser in this month market snapshot are Coconut Grove 19.6% increase of 2018 year-to-date median sale price compared to 2017 and Downtown/ Central Business District with 9.9% decrease. Insignificant or no changes have been observed in South Beach, Brickell, and Edgewater. Sales activity in the last 90 days picked up Downtown Miami and South Beach up by 11.7% and 9% respectively. Largest active listing increases compared to previous month are in Coconut Grove (6.5%), South Beach (5.9%), and Edgewater (5.1%).
Data Source: SEF MLS, Nov. 13,2018

11/08/2018

https://www.bdcnetwork.com/florida%E2%80%99s-tallest-building-could-begin-construction-next-spring

SkyRise Miami, a 1,000-ft tall entertainment and observation tower, is set to begin construction in the first quarter of next year, according to Plaza Construction, which recently was chosen to build the structure by its developer Berkowitz Development Group. Scheduled for completion in 2023, the Sk...

10/23/2018

Brickell Condominiums - Graph below depicts a 12-month historical average prices of sold condominiums on per square foot basis in Brickell neighborhood. Condominiums were sorted into 3 groups based on their year of completion - red color for buildings built before year 2000, blue for buildings built between 2000 and 2015, and green for those less than 3 years old. Overall difference in pricing over a this period is 12.4% between red and blue group and 48.2% between red and green group. This translates to about $170,000 premium if you purchase a 1,000 SF condominium which was built in the last 3 years versus a building that was built before year 2000.

10/19/2018

Miami Condominiums Snapshot - The highest increase in median sale price from 2017 to year-to-date 2018 has been in Coconut Grove (14.2%) followed by Sunny Isles (9.6%). Brickell (also see the graph below) and South Beach have remain flat and the largest drop has been observed downtown Miami (9.9%). The largest inventory build-up is currently in Sunny Isles and Edgewater/ Midtown areas, both with 32.5 months of units inventory. The lowest inventory levels are in Coconut Grove with 15.2 months. Compare this number with our last Single Family Market Snapshot in which East Kendall has merely 4.9 months of available inventory.