“Brickell” is a popular part of the City of Miami with a high concentration of residential condominiums and office towers. While the Brickell neighborhood includes “Lower Brickell” along South Miami Avenue between U.S. 1 and Biscayne Bay, this report concentrates on the Brickell Financial District and West Brickell. The Brickell Financial District has the largest number of international banks in the United States, and “is the preferred location for national and international law firms opening offices in South Florida” according to Florida Trend Magazine. With the development of Mary Brickell Village and Brickell City Centre and an explosion of residential condominium towers, Brickell’s development continues westward to I-95 and beyond. This report covers zip code areas 33130 and 33131, which runs along SE/SW First Street to the north, SW 12th Avenue on the west, and 15th Street to the south.
October property sales were 54, down from 90 in October of 2015 and 5.9% higher than the 51 sales last month. October 2016 sales were at their lowest level compared to October of 2015 and 2014. October YTD sales of 692 are running -22.7% behind last year’s year-to-date sales of 895.
The median sales price in October was $351,000, down -7.0% from $377,500 in October of 2015 and down -6.4% from $375,000 last month. The average sales price in October was $452,300, down -9.6% from $500,572 in October of 2015 and down -5.0% from $476,355 last month. October 2016 ASP was at the lowest level compared to October of 2015 and 2014. Because zip code 33130 straddles I-95 and includes the Little Havana area while zip code 33131 runs east of South Miami Avenue and includes a higher concentration of high-end luxury real estate, there is a stark difference in the average sales price in the two zip codes. East of South Miami Avenue in 33131, the average sales price is $517,768. In zip code 33130, the average sales price is $265,247.
Inventory & MSI
The total inventory of properties available for sale as of October was 2,044, up 1.0% from 2,023 last month and up 13.6% from 1,800 in October of last year. October 2016 Inventory was at highest level compared to October of 2015 and 2014.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2016 MSI of 37.9 months was at its highest level compared with October of 2015 and 2014.
Interestingly, MSI for 33131 is slightly lower at 36.1 while zip code 33130 is much higher at 42.8. Total number of sales were higher for the comparatively smaller 33131 area, too; 40 in 33131 compared to 14 in 33130.
The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer’s market, a downward trend a move towards more of a seller’s market. The DOM for October was 139, equal to 139 days last month and up from 133 days in October of last year. The October 2016 DOM was at its highest level compared with October of 2015 and 2014.
Selling Price per Square Foot
The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the ‘mix’ of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The October 2016 selling price per square foot of $376 was down -6.2% from $401 last month and down -10.9% from $422 in October of last year.
Selling Price vs Listing Price
The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer’s market exists, a ratio at or above 100% indicates more of a seller’s market. The October 2016 selling price vs list price of 95.1% was up from 94.3% last month and up from 94.9% in October of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of properties for sale along with new listings and sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of new listings in October 2016 was 256, down -9.9% from 284 last month and down -19.0% from 316 in October of last year.
For the full .pdf report with graphics, click here to download: October 2016 Market Trends Report for Brickell (33130 & 33131) Condominiums