Edgewater is located north of the Downtown Arts District and south of the Upper East Side – from approximately 17th Street to 37th Street and east of NE 1st Avenue. Bay Pointe and Morningside are part of the Upper East Side. Bay Pointe is a gated community of 250 luxury homes located between NE 41st Street to NE 50th Street, and between Biscayne Boulevard and Biscayne Bay. The historic neighborhood of Morningside is just to the north of Bay Pointe, from NE 50th Street to NE 62nd Street. All are within the 33137 zip code area. Bay Pointe and Morningside are comprised of only single family homes; while Edgewater includes residential condomoniums, retail and mixed-use development.
June property sales were 4, down from 9 in June of 2015 and -42.9% lower than the 7 sales last month. June 2016 sales were at their lowest level compared to June of 2015 and 2014. June YTD sales of 25 are running -39.0% behind last year’s year-to-date sales of 41.
The median sales price in June was $685,000, down -2.1% from $700,000 in June of 2015 and down -11.0% from $770,000 last month. The average sales price in June was $665,625, down -0.7% from $670,056 in June of 2015 and down -9.7% from $737,143 last month. June 2016 ASP was at the lowest level compared to June of 2015 and 2014.
Inventory & MSI
The total inventory of properties available for sale as of June was 73, up 7.4% from 68 last month and up 69.8% from 43 in June of last year. June 2016 Inventory was at highest level compared to June of 2015 and 2014.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2016 MSI of 18.3 months was at its highest level compared with June 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 June was 66, down from 81 days last month and up from 54 days in June of last year. The June 2016 DOM was at a mid range compared with June 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 June 2016 selling price per square foot of $429 was up 28.8% from $333 last month and up 39.3% from $308 in June 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 June 2016 selling price vs list price of 95.6% was down from 96.9% last month and down from 99.9% in June 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 June 2016 was 18, up 38.5% from 13 last month and up 63.6% from 11 in June of last year.
For the full .pdf report with graphics, click here to download:2016-07-08 Edgewater Morningside SFH report