Miami Beach & Fort Lauderdale Residential Inventory Report | April 2019

Miami Beach Residential Highlights:

Miami Beach Condos

• YTD, 463 Miami Beach Condos have Sold.
• The YTD Average Sale Price per square foot for a Condo in Miami Beach is $541 psf.
• .93% (7%) is the average discount for a Miami Condo at  134 days on market.
• The highest grossing condo sale this year (Miami-Dade County) $21M or $2,643 psf for a Miami Beach Penthouse at L’Atelier.

Miami Beach Homes

• YTD, 53 Miami Beach Homes have Sold.
• The Average Sale Price per square foot for a Home in Miami Beach this year is $792 psf.
• .90% (10%) is the average discount for a Miami Single-Family Home at  197 days on market.
• The highest grossing SFH sale this year (Miami-Dade County) was $25M or $2,654 psf for a Star Island Estate.

Fort Lauderdale Residential Highlights:

Fort Lauderdale Condos

• YTD, 413 Fort Lauderdale Condos have Sold.
• The YTD Average Sale Price per square foot for a Condo in Fort Lauderdale Beach is $304 psf.
• .93% (7%) is the average discount for a Fort Lauderdale Beach Condo at  104 days on market.
• The highest grossing condo sale so far this year was $4M or $1,169 per square foot for a 15th floor at Auberge Beach.

Fort Lauderdale Homes

• YTD, 422 Fort Lauderdale Homes have Sold.
• The Average Sale Price per square foot for a Home in Fort Lauderdale this year is $282 psf.
• .95% (5%) is the average discount for a Fort Lauderdale Single Family Home at 88 days on market.
• The highest grossing SFH sale this year was $8.085M or $1,500 per square foot for a modern new home {Auctioned at a $4.910M Discount} on Las Olas/Seven Isles.

In today’s residential market, buyers continue to have the upper-hand while sellers are forced to compete. Here are the monthly stats for a location by location study.

‘Total’ CONDOS for Sale | Median List Price Per Square Foot | Median Asking Price

• Miami Beach Condos | 3,016 Condos| $521 LP$/PSF | $460k Asking Price
• Bal Harbour Condos | 279 Condos| $840 LP$/PSF | $1.505M Asking Price
• Bay Harbour Condos | 183 Condos| $359 LP$/PSF | $540k Asking Price
• Surfside Condos | 132 Condos| $541 LP$/PSF | $722k Asking Price
• North Bay Village Condos | 234 Condos| $285 LP$/PSF | $318k Asking Price
• Sunny Isles Beach Condos | 1,625 Condos| $553 LP$/PSF | $795k Asking Price
• Aventura Condos | 1,579 Condos| $289 LP$/PSF |$415k Asking Price
• Downtown/Brickell Condos | 2,727 Condos| $468 LP$/PSF | $495k Asking Price
• Coconut Grove Condos | 65 Condos| $916 LP$/PSF | $2.295M Asking Price
• Coral Gables Condos | 215 Condos| $373 LP$/PSF| $419k Asking Price
• Key Biscayne Condos | 290 Condos| $646 LP$/PSF | $1.090M Asking Price
• Fisher Island Condos | 34 Condos| $1,612 LP$/PSF | $6.265M Asking Price
• Hallandale Beach Condos | 956 Condos| $253 LP$/PSF | $299k Asking Price
• Ft. Lauderdale Beach | 626 Condos| $464 LP$/PSF | $630k Asking Price
• Lauderdale-by-the-Sea Condos | 115 Condos| $356 LP$/PSF | $495k Asking Price
• Hillsboro Beach Condos | 92 Condos| $352 LP$/PSF | $454k Asking Price

‘Total’ HOMES for Sale | Median List Price Per Square Foot | Median Asking Price

• Miami Beach Homes | 451 Homes| $799LP$/PSF | $2.5M Asking Price
• Bal Harbour Homes | 12 Homes| $1,086 LP$/PSF | $5.223M Asking Price
• Bay Harbour Homes | 22 Homes| $629 LP$/PSF | $2.162M Asking Price
• Surfside Homes | 51 Homes| $414 LP$/PSF | $800k Asking Price
• North Bay Village Homes | 16 Homes| $342 LP$/PSF | $810k Asking Price
• Sunny Isles Homes | 39 Homes| $509 LP$/PSF | $1.390M Asking Price
• Aventura Homes | 41 Homes| $328 LP$/PSF | $815k Asking Price
• Coconut Grove Homes | 46 Homes| $522 LP$/PSF | $1.725M Asking Price
• Coral Gables Homes | 446 Homes| $492 LP$/PSF | $1.599M Asking Price
• Miami Shores Homes | 123 Homes| $352 LP$/PSF | $750k Asking Price
• Eastern Shores Homes | 33 Homes| $598 LP$/PSF | $2.7M Asking Price
• Key Biscayne Homes | 131 Homes| $932 LP$/PSF | $3.295M Asking Price
• Golden Beach Homes | 46 Homes| $916 LP$/PSF | $5.3M Asking Price
• Hallandale Beach Homes | 50 Homes| $333 LP$/PSF | $540k Asking Price
• Ft. Lauderdale Beach Homes | 128 Homes| $532 LP$/PSF | $1.783M Asking Price
• Lauderdale-by-the-Sea Homes | 32 Homes| $414 LP$/PSF | $700k Asking Price
• Hillsboro Beach Homes | 4 Homes| $1,967 LP$/PSF | $25.745M Asking Price
• Lighthouse Point Homes | 143 Homes| $410 LP$/PSF | $1.199M Asking Price

 derived from South Florida MLS Listing Database

 15-Months of Miami-Dade Coastal Area Condos $1M+

Condos Listed in March 2019: 1027 units.
Down 3.4% compared to last month
Down 6% compared to last year

Condos Closed in March 2019: 354 units.
Up 26% compared to last month
Down 4.8% compared to last year

Condos Placed under Contract in March 2019: 428 units.
Up 0.9% compared to last month
Up 4.6% compared to last year

Average Sold Price per Square Footage in March 2019: $510
Down 10.4% compared to last month
Down 10.4% compared to last year

March 2019 Average Days on Market trend is Rising*

Average Days on Market in March 2019: 159
Up 12% compared to last month
Up 10.4% compared to last year

March 2019 Sold/Original List Price Ratio Remains Steady*

Sold/Original List Price % in March 2019: 84%
Down 3.4% compared to last month
Down 5.6% compared to last year

March 2019 Average For Sale Price is Depreciating*

Average For Sale Price (in thousand) in March 2019: $1197
Down 0.9% compared to last month
Down 3% compared to last year

March 2019 Average Sold Price is Neutral*

Average Sold Price (in thousand) in March 2019: $669
Down 14.6% compared to last month
Down 12.3% compared to last year

March 2019 is a Buyer’s market*

Months of Inventory based on Closed Sales in March 2019: 21
Down 22% compared to last month
Up 7.7% compared to last year

*Buyer’s market: more than 6 months of inventory based on closed sales. Seller’s market: less than 3 months of inventory based on closed sales. Neutral market: 3 to 6 months of inventory based on closed sales.

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