Luxury Miami Condo Report : Sept 2017
Oct 25, 2017 October 25, 2017
Miami Luxury Condo Market Report: Summary back to top
In this report, we present the quarterly and monthly numbers for Miami’s luxury condo market. Fall numbers are usually modest in Miami and when we couple that with Irma’s fury, we have numbers that paint a disappointing picture. However, is this just a minor bump in the road to recovery or a real blow? Read on to find out this and more.
For the purpose of this luxury condo report, we only consider properties priced $600,000 and above.
Overall Market Highlights:
- Overall Q3 sales down 27% plus monthly sales dip 15%, both reflective of annual correction and Hurricane Irma’s impact
- 12-month trend line stays positive, giving the market hope to hang on to
- Overall median days on market increase as an obvious response to sales hit
- Overall median sales prices and price/sq ft remain consistent with only a +/-5% variation to report
- Months of inventory post no change, even after last month’s increase
- Market still favors buyers, especially as Q4 is known to be slow before picking up in the opening quarter of next year
As expected, sales dwindle lower. A brief overview of most sales charts in our study will show how the third quarter is generally slow for Miami’s luxury condo market. Adding to this breather was the pending impact of Hurricane Irma – whether in the form of disrupted deals or put off buyers – that drove the sales curve further down for this third quarter. However, with winter setting in up North, the weather turning pleasant and welcoming in Miami and disrupted deals anticipated to come through, we expect a bit of a pick up by November. On the other hand, historic data reveals that Q4 generally dives lower before heading for a recovery in Q1. Now, which way will the market swing is going to be a wait and watch.
Days on market continue trekking upward. Most neighborhoods in our study plus the overall market charts (fig. 2.1 and 2.2) report an ascent in the days on market. This trend started in August and has continued into September. If sales do not pick up soon enough, sellers could be looking at a long wait this winter.
Mixed prices. We have a very mixed response from the prices in our study. While some neighborhoods like Miami Beach have held their ground, others like Mid-Beach and Coral Gables report soaring prices. There are also some like Brickell, where the luxury market has turned conservative to adjust to the demands of a buyer’s market and kept prices low.
Inventory stagnates. Fig. 3.4 shows how the months of inventory have not moved since August. August was the first month to report an increase in our luxury condo inventory. With rather slower sales in September, it will be quite a challenge for the market to regain its lost momentum and continue its downward trend from the past 6 months (before August).
Overall, we see a rather sluggish market, struggling to find its momentum. This, in the meantime, gives buyers plenty of opportunity to play and turn negotiations in their favor.
Where Does the Market Go From Here? back to top
In previous reports, we’ve discussed at length how a strengthening U.S. dollar, strong stock market, the 2016 Zika scare, shaky start to the presidency and a desire for tax breaks by the wealthy have been holding back sales numbers and brought the condo market to favor buyers. However, the following factors could give the market the push it needs:
- Trump’s Tax Break Announcement. With details of the Republican tax breaks slowly unfolding; we will be keeping a close watch on the details to gauge how the market will react. In case, Trump does come through on his promise of tax relief for the wealthy, the luxury market has lots to gain.
- Pent up demand from Irma returns. We all know how Irma took a toll on businesses in general. This also points to the fact that there are some deals and demand that could not come through in the wake of this natural disaster. So, we expect this pent up demand to start trickling in through October and show its impact in the numbers by November.
- Art Basel. There’s no doubt that Art Basel doesn’t just bring art enthusiasts to Miami, but also a whole bunch of property hunters. People come for the art, stay for the weather and end up touring neighborhoods till they find the right pick. With Art Basel just around the corner, it won’t be a surprise if we see a surge in sales soon enough.
- Sellers should either retreat or adjust prices. In a strong buyer’s market, the smartest move a seller can make at the moment is to either lower their prices to an attractive level or simply take their property off the market. While a price adjustment would work to lure in buyers, taking off a property could help bring inventory back in balance faster, giving buyers ample time soak up the supply.
Below is an insight into Miami’s overall and neighborhood-level luxury condo trends for August 2017:
Monthly Number of Sales - Miami Luxury Condo Market Overall back to top
- Quarterly sales curve lower, looking forward to a winter uptick. Looking at fig. 1.1, we have negative quarterly numbers to report. This was quite expected, since fall time is rather slow for Miami’s real estate market and we’ve also had Hurricane Irma impending impact. The number of sales dropped 27% quarter-over-quarter and 10% year-over-year. But, looking on the bright side, the condo market usually picks up after Q4 and we also have pent up demand from closings disrupted by Irma, which could translate into an early recovery.
- Irma drives down monthly sales, trend line shows hope. We see a repetition of the quarterly sales trend in the monthly charts (fig. 1.1.1). There is a 15% drop month-on-month and 16% decrease to report year-over-year. Again, this is reflective of yearly fall trends in Miami with Irma adding to the mayhem. However, if we trace the trend line in fig. 1.1.2, things are looking up for the market. With a positive yearly trend line in place, the overall sales situation is not as bleak as it would seem.
Days on Market - Miami Luxury Condo Market Overall back to top
“Days on market” are the total number of days from when a property is active to the day it goes under contract.
- Quarterly and monthly days on market continue upward trek. With sales taking a seasonal blow and Irma’s expected impact, we see the days on market adversely affected. The quarterly median days have risen 9% over Q2 (fig. 2.1), while the monthly median is up 42% since August (fig. 2.2). As demand picks up pace in upcoming months, we hope to see a correction in this upward trend.
Sales Price Trends - Miami Luxury Condo Market Overall back to top
- Quarterly sales prices hold ground, while monthly prices post an uptick – price per sq. ft. follows suit. Fig. 3.1 and 3.3 show how the quarterly sales prices and price per sq. ft. are being consistent, not posting a variation higher than +/- 5% quarter-over-quarter and year-over-year. On the other hand, September’s median prices (fig. 3.2) have posted a 29% increase, with the price per sq. ft. (fig. 3.3.1) increasing 10% to settle at $619/sq ft.
Insider note - it is interesting to point out here that the ultra-luxury (above $2 million) segment has been pushing prices up, however, the luxury segment is being more conservative and even lowering prices to accommodate the current buyers market, this has helped keep price variations under control.
Inventory Trends - Miami Luxury Condo Market Overall back to top
A balanced market will only have 9-12 months of inventory.
- No change in months of inventory, buyers can gain. In September, the luxury condo market had 3.8k active listings to report overall, with another 151 pending. Considering inventory moves at an average (last 6 months) of 99 deals a month, there are still 40 months of inventory to get through in Miami. Looking at chart 3.4, we see the situation has not budged since August. This can be taken as a positive sign by buyers, showing them that they still get the pick of the litter with numbers being way off the 9-12 month normal of a balanced market.
City and Neighborhood Market Reports back to top
Miami Beach Luxury Condo Market Summary back to top
- Irma and fall blues hit quarterly and monthly sales. Q3 results are in and the picture’s not that bright. Fig. 4.1 shows how the fall sales curve has dipped lower than usual this year (Irma’s to share the blame). We see a 44% decline in quarterly numbers and 24% year-over-year decrease. Fig. 4.1.1 shows the monthly sales curve stumbling 34% this September. Even a popular area like Miami Beach couldn’t withstand the fall pressure. The only good thing is the trend line in fig. 4.1.2 that has managed to remain steady, showing that the market is still positive.
- Quarterly and monthly days on market inch higher. As a result of a weak quarter, we have the days on market inch up 25% compared to Q2 and 4% compared to last year (fig. 4.2). The monthly days on market are also up 9% since August and 12% compared to last year.
- Quarterly median prices report consistency, monthly prices try inching up. Looking at the quarterly chart in fig. 4.3, prices in Miami Beach have mostly been steady registering only a 2% increase since Q2. The median quarterly price/sq ft settled at $676, 5% lower than last quarter.
- Months of inventory higher, market in favor of buyers. Miami Beach reports 1164 active listings for September, with another 59 pending. Given that inventory moves at an average (last 6 months) of 38 deals a month, there are now 32 months of inventory left on the market. This is obviously higher than the 9-12 months of a balanced market (fig. 4.5) and 3% higher than last month. With an increase in inventory and a rather dull sales scene, buyers can easily take advantage of the mood and look for Miami Beach condos for sale here.
South Beach Luxury Condo Market Summary (33139 zip) back to top
- Seasonal dip and Irma’s aftermath dramatically brings down quarterly plus monthly sales. We see a sharp decline in South Beach’s sales numbers (fig. 5.1). Q3 closed 50% below last quarter and 30% below the same quarter last year. The monthly number of sales too declined (fig. 5.1.1) 50% since August and 39% since last year. This has made the trend line (fig. 5.1.2) for the year dive as well. We expect a correction on this setback by November, when Irma’s pending demand will come through and Art Basel would bring in fresh prospects.
- Quarterly and monthly days on market post expected uptick. As expected, we see the median days on market inch up in the quarterly and monthly charts. While the median days went up 40% over Q2 (fig. 5.2), the monthly median reports an increase of 21% (fig. 5.2.1).
- Quarterly prices adjust lower, while monthly prices keep up pace. Looking at fig. 5.3, you will notice a dip of 14% in the quarterly median sales price, but it’s still consistent as compared to last year. Further, fig. 5.4 shows an 18% drop in price per sq ft. On the other hand, we see the monthly median sales price increase 9% (fig. 5.3.1), with the price per sq ft increasing 43% to reach $934/sq ft (fig. 5.4.1). However, the price per sq ft in September is just 2% higher than last year.
- Months of inventory increase, so should buyer motivation. The month of September registered 622 active luxury condo listings in South Beach, plus another 21 pending. Given that inventory moves at an average (last 6 months) pace of 28 deals in a month, there are now 28 months of inventory to get through. This is not only 2% higher than last month, but also much higher than the 9-12 months of a normal market (fig. 5.5). It’s the first time inventory has increased in more than 6 months. This should be taken as a lead by buyers to go shopping for South Beach condos for sale here.
Mid-Beach Luxury Condo Market Summary (33140 zip) back to top
- Quarterly and monthly sales follow overall trend, but trend line stays positive. Numbers in Mid-Beach moved in the same direction as the overall market (fig. 1.1 and 1.1.1). The third quarter closed 49% below Q2 and 36% lower compared to the same quarter last year (fig. 6.1). Even the monthly sales dropped 38% month-on-month and 50% year-over-year (fig. 6.1.1). In spite of these negative stats, the 12-month trend line posts an upward trend (fig. 6.1.2), carrying forward the momentum pitched in by a good first and second quarter.
- Quarterly and monthly days on market decline. An impressive Q1 and Q2 have managed to keep the days on market down for Mid-Beach. This is why we see a quarterly decline of 12% in the median days in fig. 6.2 and a 43% decline in the median numbers in fig. 6.2.1. Hopefully this positive trend sustains till the market picks up as expected by November.
- Uptick in quarterly and monthly sales prices. We have ultra-luxury sales from July and August contributing to an uptick in both the quarterly and monthly prices. Q3 posts a 23% increase in the median sales price over Q2, while the monthly median price jumped 20%. Even the median price per sq ft in Q3 posted a 12% quarterly increase, while September closed at $861/sq ft which is 8% higher than August.
- Months of inventory increase 5%, buyers should make a move. Mid-Beach reported 278 active condo listings for September, with another 17 pending. Taking that inventory moves out at an average (last 6 months) of 9 deals a month, there are still 33 months of inventory pending on the market (fig. 6.5). With a number way higher than the 9-12 month normal of a balanced market, buyers should take this as a cue to scoop up some great deals. Search Mid-Beach condos on sale here.
Surfside Luxury Condo Market Summary back to top
- Quarterly sales up, monthly sales retain consistency, tend line remains positive. Being a small market can have its own upside and we get to see that in Surfside. The luxury condo market here has managed to keep its sells with September matching August’s sales (fig. 7.1.1) and Q3 registering a 50% increase over Q2 (fig. 7.1). This is why we see the 12 month trend line maintain its upward swing (fig. 7.1.2).
- Quarterly and monthly median days on market soar higher. In spite of maintaining a positive streak, this seaside community could not curb its days on market from climbing higher. Q3 posts a whopping 109% increase in its median days on market over Q2 (fig. 7.2). And, the same trend is repeated with September posting a 61% increase over August (fig. 7.2.1). It seems it would take a much stronger sales streak to get these metrics back on track.
- Consistent sales keep pushing up prices. The quarterly median sales price in Surfside has jumped 28% over Q2 (fig. 7.3) and the price per sq ft is up 35% (fig. 7.4). We also see an increase in monthly prices with the median climbing up a staggering 103% (fig. 7.3.1), and the price per sq ft coming up 38% to reach $702 (fig. 7.4.1). This increase in prices is fueled by consistent sells in this modest market.
- Months of inventory stay put, buyer confidence should soar. We see the market here getting stuck with the same months of inventory over the past three months (fig. 7.5). September posts 61 active luxury condo listings, with another 4 pending. Considering inventory moves at an average (last 6 months) pace of 2 deals a month, there are again 28 months of inventory left on the market. The good news for buyers is that with so many choices and numbers way off the 9-12 months of a normal market, they can easily maneuver negotiations in their favor. Search a Surfside condo for sale here, or see what lifestyle makes up the community of Surfside to make an informed decision.
Bal Harbour Luxury Condo Market Summary back to top
- Positive sales streak and ascending trend line maintained. Bal Harbour might be a modest market for luxury condos in Miami, but it has some of the best numbers to report. Q3 matched Q2’s sturdy sales streak (fig. 8.1), while September came up strong with an 80% increase in sales over August (fig. 8.1.1). Bal Harbour also boasts of one of the strongest performances in the past 12 months, which can be seen in the upward stroke of the trend line of fig. 8.1.2.
- Consistent sales keep monthly days on market down. We see the quarterly median days on market rising 17% in tandem with the market overall (fig. 2.1). However, the luxury market’s consistency in this upscale neighborhood has been successful in pushing the monthly median days on market down 31% this September (fig. 8.2.1). If this positive streak continues, Bal Harbour could become the frontrunner of recovery in the luxury condo market.
- Quarterly and monthly prices match sales trends. Just like Q3 sales matched the previous quarter, we have the median sales price (fig. 8.3) and median price per sq. ft. (fig. 8.4) posting a variation of no more than +/-5%. However, there’s a 100% boost in the monthly median prices this September (fig. 8.3.1), with the price per sq ft climbing 15% to reach $769/sq ft (fig. 8.4.1). This rise in prices is mostly fueled by ultra-luxury sales (2 sales above $5 million this September), even though the luxury segment stayed conservative.
- Good sales push down months of inventory by 7%. One of the few neighborhoods to report a decline in days of inventory (fig. 8.5), Bal Harbour posted 221 active luxury condo listings with an additional 5 pending this September. Taking that inventory moves at an average (last 6 months) pace of 6 deals a month, there are now 36 months of inventory left on the market. Even with a 7% decline, this figure is still far from the 9-12 months of a normal market. Nonetheless, check out what makes this coastal neighborhood a hot sell or search for Bal Harbour condos for sale here.
Sunny Isles Beach Luxury Condo Market Summary back to top
- Quarterly numbers maintain pace, monthly sales drop affecting median days on market, trend line still positive. Continuing in the footsteps of the overall market (fig. 1.1.1), the monthly sales have taken a 22% blow in Sunny Isles Beach (fig.9.1.1). Thankfully, this has made no impact on the quarterly results and we have Q3 sales matching the last quarter (fig. 9.1). But, the impact of slower sales becomes apparent in the 12% decline in quarterly median days (fig. 9.2) and an astounding 102% increase in the monthly median days on market (fig. 9.2.1). For now, Sunny Isles enjoys a positive trend line and hopefully this positivity is maintained in upcoming months (fig. 9.1.2).
- Ultra-luxury sales push up quarterly prices, monthly prices slide down. We can see the quarterly median sales price in Sunny Isles Beach inch up 24% (fig. 9.3) and price per sq ft increase 7% (fig. 9.4). This little spike in prices is a result of ultra-luxury sales (above $2 million) taking place every month of this quarter. On the other hand, we can see the monthly prices simmer down. The median price for September closed 12% lower than August (fig. 9.3.1), and the price per sq ft dropped 5% to settle at $609 (fig. 9.4.1).
- Months of inventory stagnate, buyers enjoy plenty of choices. The month of September reported 801 active luxury condo listings, with another 23 pending. Considering inventory moves at an average (last 6 months) of 17 deals a month, there are still 50 months of inventory left on the market. Even though there is fraction of a decrease in inventory, it is still way off the 9-12 month mark of a normal market (fig. 9.5). With such high levels of inventory, buyers should look into the plethora of choices by searching Sunny Isles Beach condos for sale here, or exploring the lifestyle of this branded condo corridor.
Coconut Grove Luxury Condo Market Summary (33133 zip) back to top
- Quarterly sales hold ground, monthly sales endure, trend line stays positive. Coconut Grove has enjoyed good sales over the past couple of months, which gives this quarter enough fuel to hold up to Q2 results. While we see no change in the quarterly sales, there is a 26% increase to report over Q3 2016 (fig. 10.1). Even the monthly sales took only a minor hit, posting a decline of 18% over August this year and September 2016 (fig. 10.1.1). With numbers still holding ground in this partially coastal neighborhood, it’s easy to see why the 12-month trend line is able to maintain its upward ascent.
- Quarterly days on market recede, but monthly numbers rear up head. The sales momentum gathered over the past few months has worked to bring down the quarterly median days on market by 13% against Q2 (fig. 10.2). However, September posts an increase of a whopping 123% in the monthly days on market. This is also 192% higher than September 2016 (fig. 10.2.1). Hopefully we see a drastic correction in these numbers in upcoming months.
- Quarterly prices report slight variation, monthly prices up. The median sales price and price per sq ft have only a +/- 7% variation to report over Q2 and Q3 2016 (fig. 10.3 and 10.4). On the other hand, median prices in September closed 37% higher than August and 45% more than last year (fig.10.3.1). The price per sq ft posted a 43% increase to reach $516 in this vibrant neighborhood (fig. 10.4.1).
- Months of inventory inch up with new additions. Coconut Grove reports 202 active luxury condo listings for September, with an additional 16 pending. As inventory moves at an average (last 6 months) of 11 deals a month, there are now 20 months of inventory pending on the market. This is definitely higher than the 9-12 months of a balanced market. We also see the months of inventory rise 8% this September in the fastest selling district of our study (fig. 10.5). However, this increase is not due to stagnation, but due to lots of new properties launching into the market at the same level of sales. Check out what’s new by searching Coconut Grove condos for sale, or begin by exploring the neighborhood.
Greater Downtown Miami Luxury Condo Market Summary (33129, 33130, 33131, 33136, 33137 zips) back to top
- Quarterly sales decline, but monthly sales post uptick with positive trend line. The monthly sales for September posted a 14% increase over August, but it’s still 6% lower than the same month last year (fig. 11.1.1). A slow August and Irma added up to Q3 results faring 32% lower than Q2 (fig. 11.1). However, the good news for this dynamic neighborhood is that the 12 month trend line is still positive, showing that the market has not lost its sales momentum (fig. 11.1.2).
- Days on market climb higher. We see an increase in the days on market for Greater Downtown. The quarterly median days have increased by 9% (fig. 11.2), while the monthly median days are up 25% (fig. 11.3). Slower sales in August and Irma disrupting regular life has made its impact visible in the numbers this September, making luxury condos sit longer on the market here.
- Minimal variation in prices - think buyer motivation. The quarterly prices have hardly any change to report, with the median price posting only a 3% increase over Q2 (fig. 11.3) and the price/sq ft staying flat (fig. 11.4). The increase we see is mostly due to ultra-luxury sales (above $2 million) pushing up prices, even as the luxury segment stays conservative. The monthly median sale price in Greater Downtown did not change in September (fig. 11.3.1), while the price per sq ft dropped 11% to settle at $463 (fig. 11.4.1). With plenty of new residential, retail and entertainment projects slated for this stretch, buyers should definitely make use of lower prices and snag up some valuable deals. You can start your search for the Greater Downtown Miami area here.
- Months of inventory reduce 2%. Greater Downtown had 1219 active luxury condo listings to report for September, with another 30 pending. Taking that inventory moves at an average (last 6 months) pace of 20 deals a month, Greater Downtown is now looking at 62 months of inventory. This is 2% lower than August (fig. 11.5), but still much higher than the 9-12 months of a balanced market, giving buyers the edge.
Edgewater + Midtown + A&E District Luxury Condo Market Summary (33132 + 33137 zip) back to top
- Quarterly sales figures fall, monthly sales get some respite, trend line continues to dwindle downward. This grouping has struggled to keep its sales levels up for the past couple of months which is now visible in the quarterly results. We see a 52% drop in Q3 sales and a 35% drop year-over-year (fig. 12.1). On the other hand, September brought a tiny spark of respite by bringing up monthly sales by 50%, however it still failed to match last year’s numbers by 57% (fig. 12.1.1). This is the only other neighborhood in our study, besides Coral Gables, to report a negative trend line (fig. 12.1.2) showing that this grouping is truly lagging behind.
- Days on market continue upward trek. With one of the weakest sales streaks in our report, it’s no wonder that the days on market have increased for this grouping. We see a 13% rise in the quarterly median figures (fig. 12.2) and a whopping 94% in the monthly median days on market (fig. 12.2.1).
- Quarterly sales prices hover, but monthly prices soar. We see the median sale prices (fig. 12.3) and the price per sq ft (fig. 12.4) for Q3 report only a +/-3% change. On the other hand, there is a major jump in the monthly prices, with the monthly median sales price increasing 72% (fig. 12.3.1) and the price per sq ft moving up 19% to reach $597 (fig. 12.4.1). It is yet to be seen if this increase is fueled by rigid sellers or ultra-luxury listings.
- 1% increase in months of inventory, buyers retain control. September saw 433 active luxury condos listed from this grouping, with another 7 pending. Considering inventory moves at an average (last 6 months) pace of 6 deals a month, there are now 76 months of inventory to go through (fig. 12.5). This is significantly higher than the 9-12 months of a balanced market. As buyers clearly retain their hold over the market with this slowest moving inventory, it won’t hurt to check out the individual lifestyle and condo options in Edgewater, Midtown and Arts & Entertainment District.
Brickell Luxury Condo Market Summary (33129, 33130, 33131 zip) back to top
- Quarterly sales decline, monthly sales sustain, and trend-line remains positive. Brickell too has negative numbers to report for Q3, where it closed 24% lower than Q2 and 13% lower than Q3 2016 (fig. 13.1). Thankfully, on the monthly front, this business neighborhood managed to maintain sells and reported an 8% increase over August (fig. 13.1.1). The 12-month trend line also exhibits an upward trend, showing that the situation is still under control (fig. 13.1.2).
- Days on market climb further. Continuing the trend from August, September posted an 18% increase in the monthly median days on market (fig. 13.2.1). Even the quarterly median days on market rose 23% from Q2, showing how the metrics are affected by a dull sales scene (fig. 13.2).
- Quarterly prices hover, while monthly prices drop. The quarterly median sales price (fig. 13.3) and price per sq ft (fig.13.4) are showing consistency, posting a variation no higher than +/-5% compared to last quarter. On the other hand, we have the monthly median sales price correcting 9% (fig. 13.3.1) and the price per sq ft adjusting 14% to come down to $448 in Brickell (fig. 13.4.1). It would be interesting to mention here that while we have a conservative luxury segment pushing down prices, the ultra-luxury (above $1 million) segment keeps thrusting them upwards.
- 3% decrease in months of inventory, buyers can still play. Brickell posts 786 active luxury condo listings in Brickell, with another 23 pending. Taking that inventory moves at an average (last 6 months) pace of 14 deals a month, there are still 56 months of inventory waiting to get off the market. Even after a 3% dip (fig. 13.5), this figure is significantly higher than the 9-12 months of a normal market. With plenty of choices on hand, buyers should grab the opportunity by clicking to see Brickell’s lifestyle options or directly search Brickell condos for sale here
Coral Gables Luxury Condo Market Summary back to top
- Quarterly and monthly sales take a hit, trend line descends. The only other neighborhood except the Edgewater grouping, Coral Gables too has a negative trend line to report (fig.14.1.2). The quarterly sales fell 33% compared to Q2 (fig. 14.1), while the monthly sales registered a drop of 25% (fig. 14.1.1). However, it is essential to note that this is a rather modest market for luxury condos, so even a single sale can make a huge impact on the metrics, as is visible in the monthly sales chart below.
- Quarterly and monthly prices go up. Both luxury and ultra-luxury sales in this charming neighborhood have managed to bring up the prices. The quarterly median sale price is 7% higher than last quarter (fig. 14.3) and 40% more than last year, while the median price per sq ft increased 11% month-on-month and 17% year-over-year (fig. 14.4). Looking into September, the median prices have jumped a whopping 123% (fig. 14.3.1), with the price per sq ft increasing 109% to climb up to $830/sq ft (fig. 14.4.1).
- Days on market and months of inventory post increase, buyers should consider the opportunity. September saw 115 active luxury condo listings, with an additional 11 pending. Considering inventory moves at an average (last 6 months) pace of 5 deals a month, there are still 28 months of inventory on the market. Posting a 5% increase over August, Coral Gables is also way off the 9-12 months of a balanced market (fig. 14.5). Even the median days on market increased 23% this quarter (fig. 14.2), while the monthly chart posted an uptick of 123% over last month (fig. 14.2.1). With ample variety waiting for longer on the market, buyers should check out the lifestyle options in Coral Gables, or search Coral Gables condos for sale here.
Conclusion back to top
Buyers rule the roost. For this month's condo market report, With September coming up weaker than usual (fall time is usually dull and we had Irma to deal with as well) buyers again retain their edge. We see an increase in the days on market and an increase in months of inventory as well. With a combination such as this, buyers can easily work the situation to their advantage. For sellers, we expect to get out of this rut by November, since pent up demand and deals from Irma will start coming through and the weather plus Art Basel could work their magic to bring back prospects.
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