The State of Miami Real Estate – October 2011 Statistics

In real estate on November 9, 2011 at 11:55 pm

Well…the October numbers are finally in. This time, I’d like to not only share the sales data but also pricing trend throughout Miami-Dade county and in Miami Beach.

Based on the newest statistics, Miami-Dade’s October Closed Sales are decisively down and Pending Sales are just a nudge up from Sept. Pretty much, a continuation of recent trends.

Similarly, Average Sold Prices were also down once again between September and October, while the disparity between Asking Prices of properties For Sale and the Average Price properties are Actually selling for continues to widen.

Sales of all property types in Miami Beach in general, did not do much better between September and October, 2011 that the rest of the county did. In fact, prices were, well…they were actually quite wild, probably due mostly to the sale of properties valued between $500k and just under $3M, which is quite hot and helping distort these averages.

It is worth noting therefore, the marked improvement in sales from a year ago in Miami Beach as compared to the rest of the county. Obviously, the beach continues to be “the beach” and buyers (mostly foreign buyers), continue to pursue beach bargains over anything else. Actually, it seems as though if a property is not being sold in Miami Beach, it’s being remodeled. There’s just a lot of activity throughout the beach.

As a matter of fact, take a look at the beach condo market numbers below. Sales between Sept. and Oct. were not terribly bad and were actually solid as compared to Oct./2010. Beach Condo prices also dropped much less than the overall drop of prices for all beach properties in the same period. In fact, condo prices in Miami Beach were 20% better than the price of all properties sold throughout the beach between Sept. and Oct., down just over 7% for condo sales as compared to the over 27% or so overall price drop for all beach sales.

In general, we can continue to see the market fluctuations and deterioration, mostly due to the continued uncertainty on the market, changes in the strength of the dollar vis a vis other currencies, the political turmoil in other countries which is still helping drive sales in the USA and the still weak employment and economic environment we’re in.


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