The Miami single family houses sub-market in zip code area 33129 is a small one. It is made up of a neighborhood called The Roads, the luxury gated community of Villas de Vizcaya, and Brickell Hammock homes nestled along South Miami Avenue and Brickell Avenue, between I-95 and Biscayne Bay. There are currently only 32 houses listed as actively for sale on the Multiple Listing Service, and those range from $535,000 for a 4-bedroom home in The Roads (Holleman Park) to $4,300,000 for a 6-bedroom home on South Miami Avenue near Simpson Park.
With such a small number but widely varied style homes within this sub-market, average and median pricing information is not tell us very much. What is interesting, however, is that May 2016 inventory is at its lowest level compared to May of 2015 and 2014, perhaps because home owners are hesitating to put their property on the market. The overall number of sales are lower than May of 2015 and 2014 while the “Month’s Supply of Inventory” (MSI) is at 11.7 – yet the May 2016 “Days on Market” (DOM) of 31 days is substantially lower than the average 156 days from May 2014.
May property sales were 3, equal to 3 in May of 2015 and -62.5% lower than the 8 sales last month. May 2016 sales were at their lowest level compared to May of 2015 and 2014. May YTD sales of 24 are running 50.0% ahead of last year’s year-to-date sales of 16.
The median sales price in May was $670,000, down -11.8% from $760,000 in May of 2015 and up 6.3% from $630,000 last month. The average sales price in May was $840,000, up 29.9% from $646,550 in May of 2015 and down -16.9% from $1,011,250 last month. May 2016 ASP was at a mid range compared to May of 2015 and 2014.
Inventory & MSI
The total inventory of properties available for sale as of May was 35, down -10.3% from 39 last month and down -18.6% from 43 in May of last year. May 2016 Inventory was at the lowest level compared to May of 2015 and 2014.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The May 2016 MSI of 11.7 months was at a mid range compared with May 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 May was 31, down from 91 days last month and down from 120 days in May of last year. The May 2016 DOM was at its lowest level compared with May 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 May 2016 selling price per square foot of $322 was down -6.1% from $343 last month and up 4.5% from $308 in May 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 May 2016 selling price vs list price of 92.8% was up from 92.2% last month and down from 98.7% in May 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 May 2016 was 11, up 37.5% from 8 last month and equal to 11 in May of last year.
For the full .pdf report with graphics, click here to download: 2016-May The Roads & Brickell SFH 33129 Market Trends Report