*Updated* – The Miami Beaches Market Pulse – 2nd Quarter 2018

Sunrise on Miami Beach
Sunrise on Miami Beach

UPDATED:  Once again my brokerage business and other commitments including working on a NEW version of this blog site have taken substantial priority over my ability to publish the reports in as timely a manner as I would prefer.  As many of you may know, for the last several years my brokerage has maintained a substantial listing portfolio of distressed assets (short sales) throughout Southeast Florida.  What I have observed, in a nutshell, is that it is far more difficult to receive extensions and forestallments from the court, lenders are not as amicable as they once were in their negotiations (even when confronted with an independent general contractor report demonstrating substantial damages to a home they are looking to fetch a retail price for), and a substantial amount of resistance to closing from Sellers who are hopeful the recent upturn in the economy will somehow benefit and save them from having to sell their home and move; my response to the latter is to move on to a new place and start a new chapter in their lives with a property they can afford and do not have a long history of defaulting on.

Below are the usual reports by zip code and each is a snapshot in time as of the beginning of July 2018.  I would also encourage my readers to review the Market Focus report from the Miami Association of Realtors® by clicking here.

To see REAL-TIME Market Reports on most Southeast Florida cities, check out REBroker.Miami’s Market Reports by City.

This re-post is an update to the blog.  I pulled the 3rd Quarter Reports and will be writing my assessment of the data over the coming week.  I am looking forward to completing the newest version of BeachBroker.Miami (some new logo ideas too 😉 ) and launching it for the New Year.

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

33139 – South Beach & The Venetian Islands

Looking north from South Point, Miami Beach 33139
Looking north from South Point, Miami Beach 33139

 

Click here to receive the South Beach Market Report.

Click here to receive the South Beach Neighborhood Report.

 

Sales volume was up nearly 10% year over year with nearly all other data unchanged.  We continue to be in a Buyer’s Market for condominiums and we have transitioned to a Balanced Market from a Seller’s Market in single family homes.

After multi-year declines, it appears 2017 has seen an inflection point occur and Median Sales Price, Sales Volume and Listing Volume have normalized within medium to long-term ranges on the charts.

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

Mid-Beach & North Beach, Miami Beach FL
Mid-Beach & North Beach, Miami Beach FL

 

Click here to receive the Mid-Beach Market Report.

Click here to receive the Mid-Beach Neighborhood Report.

 

Listing Volume continues to flirt with 3-year highs and Sales Volume continues to be rangebound after bottoming in last quarter of 2017.  Median Sales Prices for listed properties hover at just over $1 Million, however, overall Median Sales Prices per Public Records (a much greater data sample) is at $500,000.  Newer and renovated properties are listing and selling for considerably more than their older and less updated equivalents.  This is evident when you look at the distribution of the Age Range of Homes Sold in the Neighborhood Report.

 

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

An oasis of neighborhood living in the center of North Biscayne Bay.
An oasis of neighborhood living in the center of North Biscayne Bay.

 

Click here to receive the North Beach Market Report.

Click here to receive the North Beach Neighborhood Report.

Median Home Values dropped 7.7% year over year as both Median Sales Price and Median Listing Prices also traded to the bottom of their 3-year ranges.  Upon a preliminary analysis, it appears a gentrification is in the process as much older properties are being purchased with either the intent of redevelopment or renovation.  I still stand by my position of the past several years that North Bay Village, specifically, offers one of the greatest values for your money when you consider location, community, and long-term investment outlook.

 

33154 – Bal Harbour, Surfside & Bay Harbor Islands

Facing Southwest at Bal Harbour from the over Atlantic Ocean
Facing Southwest at Bal Harbour from the over the Atlantic Ocean

 

Click here to receive the Bal Harbour Market Report.

Click here to receive the Bal Harbour Neighborhood Report.

Listing Volume in Bal Harbour and the 33154 zip code continues to push new highs on the 3-chart as Median Sales Volume and Median Sales Price remain flatlined/rangebound for more than a year (circa 50 Listings and 900K respectively).  Average Time on the market is up over 10% vs the same time period last year while Sales Volume is down 31% compared to the same time period.  The condominium market is weighing heavily on this area as Buyers have pulled back from extraordinary valuations that I cannot see continuing as we head further into a rising interest rate market and a market-wide preference for single-family homes over condominiums.

33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

Facing South along the coast of Sunny Isles Beach, Florida's Riviera
Facing South along the coast of Sunny Isles Beach, Florida’s Riviera

 

Click here to receive the Sunny Isles Beach Market Report.

Click here to receive the Sunny Isles Beach Neighborhood Report.

 

The Sunny Isles Beach market is percolating with Median List Prices at 3-year highs, Listing Volume at a 3-year High and Sales Volume at the top of its 2-year rangebound channel; however, this is not without consequence; Sales Volume year over year has plunged 15% year over year with average time on the market up nearly 10%.  This is a heavily condominium laden market and Buyers have begun to pull back again as Sellers of existing condominiums pushed prices up to take advantage of the past year’s bounce in existing condo sales; a bounce that I largely attributed to a more robust economy with bargain seekers, averse to purchasing new construction at ridiculously inflated prices, sought to take advantage of the near 4-year slide in existing condo sales and prices.  As interest rates rise I expect to see a further multi-year decline in both price and sales volume.

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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The Miami Beaches Market Pulse – December 2016 Results

Welcome to Miami Beach - Christmas
Welcome to Miami Beach – Christmas

Welcome to the December Results Edition of the Miami Beaches Market Pulse!  I truly hope everyone had a happy & healthy holiday season and wish you all the very best in 2017!

The Miami Beaches are especially beautiful during the holiday season with mesmerizing lighting and festive decorations running from Golden Beach through South Beach to South Pointe Park.

I will be as brief as possible in this report as I am drafting the 2016 year-end wrap-up report for the beaches and Miami-Dade County as a whole which I expect to have completed later this week.

The data I am publishing today remains consistent with the findings of the Miami Association of REALTORS® Intelligence Report for November 2016.  In a nutshell, there is strong demand for single family homes throughout the county; and therefore that market is up nearly 14% for the year, higher than it has been since as early as 2009.  It is a Seller’s Market for single family homes county-wide.  However, the condo market continues to decline (down over 11% year over year); leaving that market in a Buyer’s Market.  Given the concentration of condos on the Miami Beaches, the overall aggregate sales numbers have been weighed down considerably when contrasted against the backdrop of the rest of the county due to the weakness in the condo market.

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

33139 – South Beach & the Venetian Islands

33139 Market Snapshot Dec 2016 vs. December 2016
33139 Market Snapshot Dec 2016 vs. December 2016

Click here to receive the 33139 Market Activity Report

Click here to receive the 33139 Neighborhood Report

33139 Median Sales Price vs. Sales Volume - December 2016
33139 Median Sales Price vs. Sales Volume – December 2016
33139 Median List Price vs. Listing Volume - December 2016
33139 Median List Price vs. Listing Volume – December 2016

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


33140 – Mid-Beach

The 33140 Market Snapshot - December 2016 vs. December 2015
The 33140 Market Snapshot – December 2016 vs. December 2015

Click here to receive the 33140 Market Activity Report

Click here to receive the 33140 Neighborhood Report

33140 - Median Sales Price vs. Sales Volume - December 2016
33140 – Median Sales Price vs. Sales Volume – December 2016
33140 - Median List Price vs. Listing Volume - December 2016
33140 – Median List Price vs. Listing Volume – December 2016

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


33141 – North Beach, Normandy Island & North Bay Village

The 33141 Market Snapshot - December 2016 vs. December 2015
The 33141 Market Snapshot – December 2016 vs. December 2015

Click here to receive the 33141 Market Activity Report

Click here to receive the 33141 Neighborhood Report

33141 Median Sales Price vs. Sales Volume
33141 Median Sales Price vs. Sales Volume
33141 Median List Price vs. Listing Volume
33141 Median List Price vs. Listing Volume

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


33154 – Bal Harbour & Bay Harbor Islands

33154 Market Snapshot - December 2016 vs. December 2015
33154 Market Snapshot – December 2016 vs. December 2015

Click here to receive the 33154 Market Activity Report

Click here to receive the 33154 Neighborhood Report

33154 Median Sales Price vs. Sales Volume - December 2016
33154 Median Sales Price vs. Sales Volume – December 2016
33154 Median List Price vs. Listing Volume - December 2016
33154 Median List Price vs. Listing Volume – December 2016

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


33160 – Sunny Isles Beach, Eastern Shores & Golden Beach

33160 Market Snapshot - December 2016 vs. December 2015
33160 Market Snapshot – December 2016 vs. December 2015

Click here to receive the 33160 Market Activity Report

Click here to receive the 33160 Neighborhood Report

33160 Median Sales Price vs. Sales Volume for December 2016
33160 Median Sales Price vs. Sales Volume for December 2016
33160 Median List Price vs. Listing Volume for December 2016
33160 Median List Price vs. Listing Volume for December 2016

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


As I mentioned in my introduction, the condo market is weighing heavily on the overall market; and because of this, this is a time when Buyers can negotiate the best possible deals on condo purchases.  I encourage you to visit my MLS website: http://www,REBroker.Miami and inquire about any Miami Real Estate listing you may be interested in.  I will be happy to work with you towards your real estate ambitions and welcome you into the Miami Beach Lifestyle!

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.”

The Miami Beaches Market Pulse – July 2016 vs July 2015

South Point & The Miami Beaches
South Point & The Miami Beaches

July was a lackluster month in terms of sales volume versus the same time period in 2015 as we saw marginal gains in listing volumes across all 5 zip codes.  I spent much of the Summer consumed with commercial real estate transactions and short sales of residential real estate throughout the Miami-Dade, Broward and Palm Beach Counties.   Via more than one analysis tool, the market is currently a BUYERS MARKET.   Listing Volume continues to increase while Sales Volume continues to decrease.  From basic observation, I am seeing what is likely a record number of price reductions in progress throughout the beaches.  We continue to remain in a market correction. In this issue and in August’s issue I am going to be brief with my commentary, as September’s issue will have a year-to-date 3rd quarter analysis & wrap-up as well as commentary regarding both the retail residential market and the residential distressed market.

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

33139 – South Beach

Median Est. Home Value: $394K, Down -0.5%; Median Est. Listing Price: $269K, Up 5.5%; Median Days in RPR: 119 Up 1.7%; Sales Volume: 61, Down –64.9%

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: $496K,  Up 2.4%; Median Est. Listing Price: $465K, Up 19.3%; Median Days in RPR: 119, Down –4.8%; Sales Volume: 33, Down –62.9%

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

Median Est. Home Value: $262K, Down 1.5%; Median Est. Listing Price: $260K, Up 15.6%; Median Days in RPR: 108, Up 1.9%; Sales Volume: 33, Down –73.2%

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: $682K, Up 10.8%; Median Est. Listing Price: $505K, Up 15%; Median Days in RPR: 133, Up 0.8%; Sales Volume: 17, Down –82.5%

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: $352K, Up 0.7%;  Median Est. Listing Price: $325K, Up 25%; Median Days in RPR: 125, Up –10.6%; Sales Volume: 89, Down –42.2%

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.

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.”

Special Edition: The Miami Beaches Market Pulse: June 2016 – 1st Half of the Year Report, Part 1 of 2

Miami Beach
Aerial View of Miami Beach – South Beach & Fisher Island

As expected, the Miami Beaches continue to correct and listing volume continues to increase as more homeowners default on their mortgages and new construction projects complete, leading to the seemingly inevitable listing of many beautiful, yet vastly overpriced new construction units.  It should be noted that the media has finally jumped on the notion that not all is as perfect with the housing market, as so many seem to still often assume (simply because it, after all, is Miami Beach), as developers are either scrapping projects and selling their land or racing to complete their projects before the financial institutions backing them lose their confidence and pull funding (I still think it is still a bit premature for that to occur).

My June article is overdue, but my business in distressed assets has been growing rapidly, thus delaying me from making the time to publishing my data.  Fortunately the real estate business, as opposed to the stock market, moves like an air craft carrier; and the trends we have been seeing for more than 18 months continue to play out as expected.

I have already collected & uploaded my July data, and the June distressed data…so I will be brief in my commentary in this article as there is MUCH to be said in my forthcoming articles.  Tomorrow I will collect the August data and aspire to have that out in a more timely manner.

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

33139 – South Beach

Median Est. Home Value: $391K, Up 1.1%; Median Est. Listing Price: $279K, Up 5.3%; Median Days in RPR: 120 Up 5.3%; Sales Volume: 104, Down –33.8%

Click here to receive the 33139 Market Report

Click here to receive the 33139 Neighborhood Report

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

33140 – Mid-Beach

Median Est. Home Value: $496K,  Up 4.6%; Median Est. Listing Price: $479K, Up 20.1%; Median Days in RPR: 120, – (flat); Sales Volume: 46, Down –27%

Click here to receive the 33140 Market Activity Report

Click here to receive the 33140 Neighborhood Report

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

 

33141 – North Beach & North Bay Village

Median Est. Home Value: $262K, Up 0.1%; Median Est. Listing Price: $264K, Up 15.2%; Median Days in RPR: 109, Up –3.8%; Sales Volume: 75, Down –25.7%

Click here to receive the 33141 Market Activity Report

Click here to receive the 33141 Neighborhood Report

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

33154 – Bal Harbour & Bay Harbor Islands

Median Est. Home Value: $672K, Up 15.3%; Median Est. Listing Price: $547K, Up 20.7%; Median Days in RPR: 131, Up 1.6%; Sales Volume: 28, Down –22.2%

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: $352K, Up 0.7%;  Median Est. Listing Price: $325K, Up 25%; Median Days in RPR: 125, Up 10.6%; Sales Volume: 89, Down –42.2%

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

Overall, Median Estimated Home Values & Median Estimated Listing Prices continue to climb; but as they do, Sales Volume continues to plummet, homes are on the market for longer periods of time, and listing inventory continues to build to new highs.

I do not necessarily concern myself with whether the market is going up or down.  In my profession, the experienced professional realizes that people will always need a place to live; and regardless of economic conditions, there will be Buyers and Sellers.

I do however feel as though we are at a precipice.  On one hand, assuming the Federal Reserve does raise interest rates, it will absolutely crush asset values.  It has been argued by some economists that we cannot raise interest rates (much) without forcing the US Government to default on it’s loans; and this is true.  Recently an economic paper was floated by one of the Federal Reserve board members regarding a call for additional “quantitative easing”, which is a very fancy phrase for “Printing More Money”.  Assuming this were to occur, it would have extraordinary ramifications on our economy; and as far as the housing market is concerned, it will drive assets (in terms of US Dollars) through the roof, however, that will not be because of an increase in real value, it will be because of inflation and a loss of the Dollar’s purchasing power.

Regardless of who becomes President, they will have a huge task ahead of them if this country has any hope of “normalizing” the asset markets and bringing fiscal responsibility back to the forefront of our government’s responsibilities.  We live in interesting times, and I am betting they (the Federal Reserve) will do another “quantitative easing”.  My recommendation is to buy a home, or investment(s) you can comfortably hold, and/or buy Silver and/or Gold.  More money printing will absolutely erode the value of the Dollar and hard assets are your best, legal, inflation hedge against a loss of purchasing power in the Dollar.