Christopher J. Lazaro, MBA Licensed Real Estate Broker & REALTOR®

The Miami Beaches Market Pulse – April 2016 vs. April 2015

The Miami Beaches Market Pulse – April 2016 versus April 2015

The Miami Beaches
The Miami Beaches, Intra-coastal Waterways & North Biscayne Bay

It is a beautiful Saturday morning on the Miami Beaches as I write this blog post, which is a month overdue.  In my previous articles, particularly the February & March Market Pulse editions, I expounded upon existing & potential threats to the Miami Beaches Real Estate Markets (February), and I demonstrated 1st quarter sales volumes for the first quarter of the past 17 years according to tax records on the Miami Beaches.

Yes, it is true that existing home sales have taken a beating over the past two years with only a moderate drop in Median Sales Prices, but this has been due, largely, to 1)  New Construction / Pre-Construction Sales (which are generally non-MLS sales) and 2)  The falling in value of virtually every currency in the world relative to the US Dollar.  I am sure that the talking heads may also cite “political uncertainty” ahead of what is perhaps one of the most unique election cycles in more than 100 years; but I have yet to see an authoritative poll indicating such.

I will be more brief than usual and simply publish the April 2016 versus April 2015 MLS data (and May’s is next) this month as I am winding up for an extensive 2-part edition for June 2016 where I will cover the first half of the year compared to prior years (should I go all the way back to 2000 like I did in March?  Comments? ), and publish a separate, but related issue covering the Distressed Property Market.  Look for these in early to mid-July!

 

Market Activity & Neighborhood Reports by Zip Code for the Miami Beaches

33139 – South Beach

Median Est. Home Value: $391K, Up 0.2%; Median Est. Listing Price: $275K, Up 1.9%; Median Days in RPR: 120 Up –; Sales Volume: 72, Down –55.6%

Click here to receive the 33139 Market Activity Report!

Click here to receive the 33139 Neighborhood Report!

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

33140 – Mid-Beach

Median Est. Home Value: $493K,  Up 7%; Median Est. Listing Price: $485K, Up 27.8%; Median Days in RPR: 120, Down –13%; Sales Volume: 31, Down –52.3%

Click here to receive the 33140 Market Activity Report!

Click here to receive the 33141 Market Activity Report!

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.  

 

33141 – North Beach & North Bay Village

Median Est. Home Value: $267K, Up 6.4%; Median Est. Listing Price: $255K, Up 11.4%; Median Days in RPR: 103, Down –1%; Sales Volume: 45, Down –48.9%

Click here to receive the 33141 Market Activity Report!

Click here to receive the 33141 Neighborhood Report!

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

33154 – Bal Harbour & Bay Harbor Islands

Median Est. Home Value: $676K, Up 19.1%; Median Est. Listing Price: $482K, Up 5.5%; Median Days in RPR: 120, Down –9.1%; Sales Volume: 26, Down –50%

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Median Est. Home Value: $354K, Up 2.4%;  Median Est. Listing Price: $319K, Up 19%; Median Days in RPR: 113, Down –5%; Sales Volume: 78, Down –53.3%

Click here to receive the 33160 Market Activity Report

Click here to receive the 33160 Neighborhood Report

MLS Sales Volume is at a 3 year low.  Listing Volume is at a 3 year high.

Summary & Conclusion

In all 5 zip codes, MLS Sales Volume is abysmal and at a 3 year low, while listing volume is at a 3 year high.  What we are seeing (or a good part of it), is new construction (as much as 10-15% of units in each new building) are being listed / flipped on to the market by the original Buyers, thus raising the Median Estimated Home Value calculation AND the Median Estimated Listing Price.  I have noticed older units (Existing Homes greater than 1-2 years old), prices have been dropping on a per square foot basis, which explains the reduced time on market for MLS listed properties.  However, listing volume continues to increase monthly, and in order for the market to come into equilibrium, prices must come down, OR, the US Dollar needs to weaken against foreign currencies sufficiently enough in order to spur sales of existing homes and thus reverse the upward trend in listing volume and the downward trend in sales volume.

Recommendations

If you are planning on making a purchase that is 500,000 USD or more, I would recommend Bal Harbour.  It is a thriving and affluent community with great long-term prospects in terms of resilience of home values.  If you are planning a purchase of home and looking to invest less than $500,000 USD, I recommend the 33141 zip code, North Bay Village and North Beach, where I have been seeing some fantastic values / “bang for the buck” (and location); AND condos are selling in some cases for less than what it would cost to construct new.  It is definitely a good time to be buying in this emerging area while it is on the cheap!

This concludes my April Edition of the Miami Beaches Market Pulse.  I will publish May’s results AND year-over-year-over-year comparisons this forthcoming week.

Have a wonderful weekend!

Cheers,

REBroker.MIAMI is a residential real estate search site for property & rentals!
REBroker.MIAMI is a residential real estate search site for property & rentals!

Christopher J. Lazaro, MBA

Licensed Real Estate Broker, REALTOR®

Business Manager

Metro International Investments

Toll Free: 1-800-798-9192 ext. 333

International: 1-305-517-3086 ext. 333

Fax: 305-521-8995

License Number: BK3252123

B: www.BeachBroker.Miami

W: www.REBroker.Miami (MLS Search Available!)

W: www.MII.Miami

Advertisements

Published by

Christopher J. Lazaro

I am a Licensed Real Estate Broker specializing in Residential Real Estate transactions from Downtown Miami, through the Miami Beaches and into Fort Lauderdale along the US1 Corridor and East. Whether you are a First Time Home Buyer, an Institutional Buyer, or Private Investor, I will be happy to provide you a consultation to evaluate your real estate investment goals. I can be reached at 1-800-798-9192 ext. 333. My MLS Website can be found at http://REBroker.Miami. I am a Qualifying Broker Metro International Investments & Miami Beach Brokers.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s