The neighborhoods within zip code areas 33127 and 33137 include Wynwood, Midtown, East Edgewater, and the Design District. Almost all of the condominiums are located east of North Miami Avenue and south of the Julia Tuttle Causeway, with some condominium development starting in Wynwood and the Design District / Buena Vista neighborhoods. Well known existing condominiums developments include Midtown, Blue, and Cite on the Bay. Overall total sales in this area have dipped slightly since last year, but sales prices and “Days on Market” have remained relatively steady so far. The indicators to watch are “Inventory & MSI” and “New Listings”. The total inventory of properties is up 70.9% from last year, while the number of new listings hitting the market is also growing – up 43.5% from June 2015. The June 2016 MSI of 28.4 months was at its highest level compared with June of 2015 and 2014. ( Roughly 6 months MSI is considered a ‘balanced market’. A lower MSI is more beneficial for sellers while a higher MSI is better for buyers. If the MSI in this market remains high, we may see some price adjustments and/or properties taken off the market by 2nd quarter 2017.
June Property sales were 19, down -24.0% from 25 in June of 2015 and equal to 0.0% 19 sales last month. June 2016 sales were at their lowest level compared to June of 2015 and 2014. June YTD sales of 116 are running -28.4% behind last year’s year-to-date sales of 162.
The Median Sales Price in June was $420,000, up 16.7% from $360,000 in June of 2015 and up 23.5% from $340,000 last month. The Average Sales Price in June was $403,711, up 4.3% from $386,890 in June of 2015 and down -14.1% from $469,945 last month. June 2016 ASP was at a mid range compared to June of 2015 and 2014.
Inventory & MSI
The Total Inventory of Properties available for sale as of June was 540, up 2.7% from 526 last month and up 70.9% from 316 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 28.4 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 103, up 17.0% from 88 days last month and equal to 103 days in June of last year. The June 2016 DOM was at its lowest level 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 $350 was down -18.0% from $427 last month and down -0.6% from $352 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 94.5% was down from 95.6% last month and up from 94.4% 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 99, up 13.8% from 87 last month and up 43.5% from 69 in June of last year.
For the full .pdf report with graphics, click here to download: 2016-June Market Trends Report 33127 and 33137 condominiums