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The Miami Beaches Market Pulse – July 2017 Results (Updated)

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

Visit my NEW MLS Website at http://REBroker.Miami!

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

I am catching up my blog with July—->October’s results this week into next and apologize for the delay.  I was seriously injured and after a lot of suffering, jumping through Medical Insurance hoops while also navigating a personal injury suit, I had spinal surgery at the end of September and have since been recovering from that surgery.  I am happy to say that I am recovering well, and I am getting back to business.

During the past several months, at least within my brokerage, have been selling like hot cakes.  After an abysmal June in the Miami Beaches condo market, virtually any tick higher in sales can be considered an improvement; although I am still of the position that specifically the luxury & ultra-luxury market will become further depressed until the US Dollar falls further and/or we see some certainty going forward in our immigration policies, specifically those related to the EB-5 Visa, a popular conduit for Foreign Direct Investment into this country.   Overall, in Miami-Dade County, the market saw a substantial improvement versus June.  I know many customers are sitting on their hands until “December 8th, 2017”, at which time President Trump is to make an important decision regarding the EB-5 Visa Program.

Single Family Homes are HOT!  It is a Seller’s Market.  Condominiums are in a Buyer’s Market (not so hot).

See the Miami Association of Realtors® Market Focus Report for July 2017 for Miami-Dade County

I have also made another decision.  At the end of this year, the Miami Beaches Market Pulse will become quarterly (Starting in 2018).  Recent changes in the reporting tools now allow me to go back three months.  By doing so it will free me up for blogging on other subjects and be featuring a greater array of content on BeachBroker.Miami, as well as my new MLS Website, the Metro International Investments company site, and my personal MLS website, REBroker.Miami

Onto the data!

33139 – South Beach & The Venetian Islands

Click here to receive the 33139 Market Activity Report

Click here to receive the 33139 Neighborhood Report

Sales rebounded in 33139 substantially after June’s abysmal, single & low double-digit results but still remain down by over 30% versus the same time period in 2016.  A substantial number of listings expired, a large number of homes have had foreclosure filings placed against them in the past few months, and closed sales seem nicely grouped in the high sub-one million dollar range. Median Estimated Home values have dropped by 5% year over year.

MLS Sales Volume is near a 3 year low.  Listing Volume is near a 3-year low.

33140 – Mid-Beach, Bayshore, Sunset Islands, La Gorce & La Gorce Island

Click here to receive the 33140 Market Activity Report

Click here to receive the 33140 Neighborhood Report

This is a similar but worse report when compared to 33139.  Home values dropped by 4.2% and sales volume is down nearly 80% when compared to the same time period last year.  Listings are on the market for 5% longer than they were last year, meaning it now takes an average of 134 days, nearly 5 months to sell your house in 33140.

MLS Sales Volume is near a 3-year low.  Listing Volume is near a 3-year high.  

33141 – North Beach, Normandy Isle, Normandy Shores & North Bay Village

Click here to receive the 33141 Market Activity Report

Click here to receive the 33141 Neighborhood Report

Sales Volume is down over 40% versus the same time period in 2016.  I have said this numerous times, I believe there is an excellent opportunity to affordably own in the Miami Beaches in this zip code.  I am a big fan of the area and believe it may be nearing a time when values begin making, what I expect will be, a long advance forward.

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

33154 – Bal Harbour, Surfside & Bay Harbor Islands

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood Report

Sales Volume plunged 40% versus the same time period last year, but July’s numbers were a considerable improvement over June’s.

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

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

Sales Volume is down 44% versus the same time period last year, but nonetheless, it is a drastic improvement over June 2017’s results.  Listing Volume hovers near a 3-year high (actually, it is near a 6-year high) and while I live in Sunny Isles, and I love Sunny Isles, the drastic overbuilding of this area continues.  Aurora will begin construction soon enough, and expect at least another 2-3 years of right lane closures on the northbound side of A1A; and, now we will have them as well on the southbound side.

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

 

About the Miami Beaches Market Pulse

The Miami Beaches Market Pulse is a monthly market analysis by Christopher J. Lazaro, MBA & Licensed Real Estate Broker, featuring professional commentary, data & statistics, downloadable market reports & neighborhood reports, of the five zip codes of the Miami Beaches: 33139 (South Beach & The Venetian Islands), 33140 (Mid-Beach, the Sunset Islands, Bayshore, La Gorce & La Gorce Island), 33141 (North Beach, Normandy Isle, Normandy Shores, North Bay Village), 33154 (Surfside, Bal Harbour & Bay Harbor Island), 33160 (Sunny Isles Beach, Eastern Shores & Golden Beach).

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About Christopher J. Lazaro (51 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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