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Updated: The Miami Beaches Market Pulse – January 2017 Results

Christopher J. Lazaro, MBA Licensed Real Estate Broker & REALTOR® Christopher J. Lazaro, MBA, Licensed Real Estate Broker & REALTOR®, 1-800-798-9192 ext. 333, License #: BK3252123, Metro International Investments, MLS: http://REBroker.Miami

For most tourists this is one of the happiest sites of their whole visit.

Updated the Link (sorry for the double post!) It was a very busy 1st quarter for me and now I find myself with 3 months of catching up on my blog (I will, however, date the reports appropriately on my blog)!  January appears to be little different than the prior months with Sales Volume(s) at 3-year lows and Listing Volume(s) pushing new 3-year highs.  The majority of the issue, in my opinion, is the condo market on the beach.  We are, and have been for quite some time, in a Buyer’s Market for condominiums.  I also believe we are far too overbuilt on the luxury side and underbuilt for housing that even above average income earners can afford.  The structural imbalances I perceive in the market are bound to correct, perhaps drastically, in the coming 1-2 years.  With that said, on with the data!

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

33139 – South Beach

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

Click here to receive the 33140 Market Activity Report.

Click here to receive the 33140 Neighborhood Report

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

33141 – North Beach & North Bay Village

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.

 I will reiterate my comments about this zip code.  In my opinion, this is the best
area for the money to buy in if you want to live in the Miami Beaches.  I know several
buildings that are trading at half the cost of their replacement value.  Call me for 
appointments and showings!

33154 – Bal Harbour & Bay Harbor Islands

Click here to receive the 33154 Market Activity Report.

Click here to receive the 33154 Neighborhood Report.

MLS Sales Volume has spiked higher for a 2nd consecutive month.  Listing Volume is at a 3 year high.

There was a flurry of activity in Bal Harbour, a difficult market to predict,
as several large 7 figure transactions occurred, which skews the Median Sales 
Price Chart substantially, as well a considerable number of sales UNDER the 
Median Estimated Home Value (200K+ under).  There appears to be a healthy 
number of sales in Pending, and these will likely show up in the next report.
However, there were a considerable number expired listings this month, and 90% 
of the time this occurs because the home is OVER PRICED relative to the supply 
& demand factors which ultimately effect comparable properties by which these 
expired listings were being judged.

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

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.

Again we see a spike in the Sales Price versus Sales Volume chart due to several 7 figure closings. A very large number of listings expired in January; a sign that Seller’s have not woken up to the fact that their property is not nearly as valuable as they believe it is. Supply continues to grow and demand remains in a weakening state.

Thank you for reading another edition of The Miami Beaches Market Pulse.  I am going to publish February & March’s results shortly.  Also check back for a couple of Special Edition Reports I have been working on as I track the Distressed Asset Market Trends and, very soon, I will be examining the trends in the Commercial Real Estate Market of the Miami Beaches.

Cheers,

photo
Christopher J. Lazaro, MBA
Licensed Real Estate Broker at Metro International Investments
Direct  1-800-798-9192 Ext. 333         Phone  1-800-798-9192         Mobile  305-878-2288         Fax  305-521-8995         Email  chris@mii.miami         Website  http://www.mii.miami       
“Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction and skillful execution; it represents the wise choice of many alternatives.”

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About Christopher J. Lazaro (45 Articles)
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 for and partner in, Metro International Investments.

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