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
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
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
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
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
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).