Miami’s zip code area 33132 includes the eastern portions of downtown’s Central Business District and the Arts District. Condominium buildings in this area include Vizcayne, Opera Tower, Marina Blue, Loft 1 & 2, 50 Biscayne, 1800 Biscayne Plaza, Ten Museum, Quantum on the Bay, & the Marquis. As with many areas in Miami-Dade County, the Central Business District condominium resale market is transitioning to a ‘buyer’s market’. Within zip code area 33132, the total number of sales continues to shrink while total inventory of condominiums available for sale rises. As of today, there are 733 active listings on the Multiple Listing Service database, ranging from $3,500,000 at 900 Biscayne to $149,000 at the Venetia. Median prices and ‘price per square foot’ are at their lowest levels compared to July of 2015 and 2014. One interesting outlier is ‘Market Time’. Given all of the other indicators, we would expect the ‘Days on Market’ to be increasing – but it has actually trended down since January. I believe this is due to the brisk number of price adjustments to the existing inventory and accurate pricing for new listings coming on the market. The moral of that story is that a well priced property will sell.
July property sales were 16, down from 35 in July of 2015 and -57.9% lower than the 38 sales last month. July 2016 sales were at their lowest level compared to July of 2015 and 2014. July YTD sales of 195 are running -23.5% behind last year’s year-to-date sales of 255.
The median sales price in July was $290,000, down -27.1% from $397,950 in July of 2015 and down -28.2% from $403,750 last month. The average sales price in July was $384,656, down -17.5% from $465,993 in July of 2015 and down -15.4% from $454,847 last month. July 2016 ASP was at the lowest level compared to July of 2015 and 2014.
Inventory & MSI
The total inventory of properties available for sale as of July was 748, up 1.1% from 740 last month and up 12.8% from 663 in July of last year. July 2016 Inventory was at highest level compared to July of 2015 and 2014.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2016 MSI of 46.8 months was at its highest level compared with July of 2015 and 2014
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 July was 76, down -53.9% from 165 days last month and down -29.6% from 108 days in July of last year. The July 2016 DOM was at its lowest level compared with July 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 July 2016 Selling Price per Square Foot of $373 was down -4.4% from $390 last month and down -1.6% from $379 in July 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 July 2016 Selling Price vs List Price of 94.7% was equal to 94.7% last month and down from 95.1% in July 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 July 2016 was 95, down -11.2% from 107 last month and down -4.0% from 99 in July of last year.
For the full .pdf report with graphics, click here to download: 2016 July – Market Trends – Central Business District