Last week we took an inside look at the closed sales for Single Family Homes in the neighborhoods of Coconut Grove, Coral Gables, Pinecrest, and South Miami for 2017 Quarter 1. To revisit the page, please click here.
This week, we will be examining the activity for Single Family Home sales in South Beach and Miami Beach for 2017 Quarter 1.
By comparing the market activity in this week’s blog to the activity in last week’s post, we will be able to get a solid grasp of the differences in pricing and other key market indicators across the various neighborhoods examined. Let’s dive right in.
To start off, let’s go over some general market statistics for both the South Beach area and Miami Beach area. For the purpose of simplicity, we have generalized South Beach to include all homes South of I-195 as well as the Venetian Islands, Star Island, Palm Island and Hibiscus Island. Similarly, the Miami Beach area for our comparison purposes includes, all homes North of I-195 up to 86 Street. All statistical data used in this publication was obtained from the Miami Association of Realtors – Multiple Listings Service, effective Thursday, 4/13/2017.
Miami Beach Neighborhood Comparison – 2017 Quarter 1
Single Family Homes Sales
For 2017 – Quarter 1 (1/1/2017 thru 3/31/2017) there were 16 and 43 homes sold respectively in South Beach and Miami Beach. The average sale price for South Beach was $5,460,056.25 and $2,014,107.88 for Miami Beach. A great market indicator which provides an apples-to-apples comparison is the average price per square foot. As shown in the illustration above, for South Beach this equaled $1,111.29 in 2017 Quarter 1 and $495.37 in Miami Beach. Both of these aver above the respective averages examined last week for the neighborhoods of Coconut Grove, Coral Gables, Pinecrest, and South Miami. To revisit those figures visit last week’s post here.
Other important market indicators displayed above are average discount from the original listing price which was 12.81% and 10.52% for South Beach and Miami Beach respectively. Both these figures were greater than double any of the averages for the areas examined last week. Lastly, the final market indicator displayed above is the average days on market which was 225.81 days and 155.12 days for South Beach and Miami Beach respectively. Again these averages were greater than the respective averages for last week’s examined areas. Among other factors, this is attributed to the fact that typically larger, more luxurious homes will stay on the market relatively longer until the right buyer is produced.
The graphs below offer better visual representations of the date displayed in the illustration above.
Total Homes Sold
Average Sale Price
Average Days on Market
Click here to check last week’s blog which contains the 2017 Quarter 1 market summary for Coconut Grove, Coral Gables, Pinecrest, and South Miami.
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