Zip code 33132 includes the Downtown Miami area east of Miami Avenue between SE 1st Street and NE 20th Street. This area includes includes part of the historic Central Business District and Arts District. Condominium buildings in this area include Vizcayne North and South, Opera Tower, Marina Blue, Loft 1 & 2, 50 Biscayne, 1800 Biscayne Plaza, Ten Museum, Quantum on the Bay, & the Marquis. There are currently 707 active and 44 pending listings for condominiums is this area on the Multiple Listing Service. The downtown condo market continues to be a strong “buyer’s market” with 35.4 months of inventory, and there is a clear price adjustment trend emerging since 2014.
December property sales were 20, down from 30 in December of 2015 and -28.6% lower than the 28 sales last month. December 2016 sales were at their lowest level compared to December of 2015 and 2014. December YTD sales of 314 are running -27.0% behind last year’s year-to-date sales of 430.
The median sales price in December was $395,000, down -0.8% from $398,000 in December of 2015 and up 32.8% from $297,500 last month. The average sales price in December was $416,995, down -21.4% from $530,417 in December of 2015 and up 17.5% from $354,818 last month. December 2016 ASP was at the lowest level compared to December of 2015 and 2014.
Inventory & MSI
The total inventory of properties available for sale as of December was 707, down -7.3% from 763 last month and up 6.2% from 666 in December of last year. December 2016 Inventory was at highest level compared to December of 2015 and 2014.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2016 MSI of 35.4 months was at its highest level compared with December 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 December was 217, up from 181 days last month and up from 201 days in December of last year. The December 2016 DOM was at its highest level compared with December 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 December 2016 selling price per square foot of $359 was up 4.7% from $343 last month and down -7.2% from $387 in December 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 December 2016 selling price vs list price of 93.4% was down from 93.7% last month and down from 94.1% in December 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 December 2016 was 71, down -21.1% from 90 last month and down -22.8% from 92 in December of last year.
For the full .pdf report with graphics, click here to download: 2016 December – Market Trends – Central Business District
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Based on information from REALTOR Association of Greater Ft. Lauderdale, Miami Association of REALTORS for the period 11/12/2005 through 12/31/2016. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS’s may not reflect all real estate activity in the market. This information will expire 30 days from when it was generated.