In real estate on December 13, 2010 at 11:00 am

All Miami Beach (zip codes 33139, 33140 & 33141) saw a mixed bag of numbers among all properties.

Though Pending Sales in November are up across the board from October, and from November, 2009, Closed Sales were also down across the board.

The good news is that the total number of Active Listings and New Listings to come to market in November was also down.

However, November, 2010 saw 15.9% more New Listings come to market in the Beach area, as they did in November, 2009

Average Closed Prices among all property types in Miami Beach was down 16.2% from October while the Average List Price of Active Listings continued to climb signaling that sellers may not not “getting it” and/or that more higher priced units are now also coming to market.

Meanwhile, Median Closed Prices rose by 10.2% over October’s $177,000 Median Price to $195,000 in November. This is the first increase since August, 2010 and the highest Median Price level since September, 2010.

Looking exclusively at South Beach (SoBe – 33139), we see that the numbers for all property types were not more encouraging with both, Pending and Closed sales down more than 5% each in November, over October/2010.


Also, the Average Sold Price was down 25.2% in November while Median Sold Price rose 3% in November, 2010 among all property types in SoBe. Both Average and Median Closed Prices were down as compared to November/2009.

Isolating Condo Property Sales only from the SoBe mix doesn’t reflect an improvement in the Average Sold Price which was down 16.9% in November although up 1.3% over November, 2009. The reverse was true with Median Closed Price of Condo units in SoBe which did see a 16% improvement to $203,000 in November (over October’s $175,000), while down 15.4% from November, 2009’s $240,000 Median Closed Price.

Other interesting results were as follows:

Waterfront Condo Units in SoBe – better numbers when compared to November, 2009, not from October, 2010’s numbers, which reflected a 26.9% drop in the Average Sold Price and a 17.5% drop in the Median Sold Price in November, over October/2010.

Non-Waterfront Condo Units in SoBe – pretty much, the opposite from Waterfront Condo above. Great improvement when compared to October, 2010, not from November, 2009.

Non-Distressed Closed Sales of All Condo types in SoBe saw an improvement in the Average and Median Closed Prices from November, 2009. The real story is the marked increase in the Median Closed Price over October, 2010 of 35.1% to the current Median of $350,000 as of November, 2010, which is also 10.8% higher than November, 2009’s $316,000.

REO Condo Sales in SoBe now reflect Average and Median Prices which were both down Month-over-Month and Year-over-Year.

Although Closed Short Sale Condos Sale Prices in SoBe saw an improvement over 2009, the story is the substantial drop of 51.9% in the Average Closed Price of Short Sales in SoBe to $235,000 in November, 2010 from October’s $489,000 while the Median Closed Price of Short Sales in SoBe was down 6.5% to $145,000 in November, 2010 from October’s $155,000.

All Distressed Condo Sales in SoBe to include REO and Short Sales combined, reflect great pressure still.

Although Miami-Dade county as a whole saw its second month in a row improvement in the Average and Median Closed Prices, Miami Beach and in particular, South Beach is still struggling to find that edge.

Sellers must be careful to discuss these and other market matters affecting the marketing of their property such as pricing, staging and availability.

Buyers in South Beach still have the upper hand and must be careful not to confuse the opportunities this market still offers with an ability to prolong a purchase decision indefinitely. With Congress ready to switch gears, the recovery stage is set for 2011 to mark the beginning of the end for bottom-feeders.


Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: