The #'s are in for the 3rd Quarter and today we are looking at what is happening in the South of Fifth Condo Market?
Here is a snapshot of where the market stands for the 3rd Quarter. 162 Listings, 30 Closed Sales, and 16 Months of Supply. Not good #'s. Next... we can see most of the Closed sales are up to $3-Million Dollars, then above $3-Million the # drops off dramatically, and even though there was 1 sale above $5-Million and 2 above $10-MIllion we are noticing a slow down at the higher end in condos in the other neighborhoods we cover as well.
The Highest Priced Closed sale for a condo in South of Fifth was at the oceanfront Continuum South for $14.7-Million or over $4,000/sqft for a large 3-Bedroom corner unit. Next we compare the 3rd Quarter to the previous 2 Quarters to see if we can spot any trends... We have mixed signals as we are seeing the lowest levels of the year in the # of Active Listings and Closed Sales causing Months of Supply to increase to 16 it's highest level of the year, all bad #'s yet Days on Market is down to its lowest level, all this while pricing seems to be holding. Truly a mixed bag of #'s here.
The biggest concern we see is the low # of Closed Sales is dramatically less than the previous 2 quarters. This is tough, not good. For Seller's in South of Fifth the #'s are a mixed bag... while prices seem to be holding, sales has slowed to its lowest level causing Months of Supply to increase. The trick here is to price your condo correctly from the start to get as much attention as possible from Day 1. Please know that this market will reward you if your condo is in turnkey condition, but punish you if it is not so consider this before listing. For Buyers - Actives are down, and prices seem to be holding while Sales have slowed. Interest rates just moved below 6.5% which helps.
Keep in mind that with Condos you have to go building by building, as one may have a lot more Actives then another. Overall, the #'s for the 3rd Quarter in South of Fifth are sending us mixed signals as pricing seems to be holding even as Closed Sales decreased to their lowest level of the year and Months of Supply increased to its highest level while Days on Market is at its lowest level.
Please take note, these odd movements in the market are typical of what happens in a correction as the market is trying to find it's new base level, so be patient. Days on Market at 69 with a Median price sold of over $1.5-Million is good and shows the demand for condos in South of Fifth. Just price it correctly from the start and make sure it is in turnkey condition and it will sell fast.
The market will reward you if your condo is in turnkey condition, if it is not it just depends on how much work needs to be done to update it and bring it into 2025. You might be able to discount slightly if not much work is needed, otherwise it will be tough to sell.
As I start my 20th year in the Miami Real Estate Market I can proudly say that our goal in making these these videos is to help as many people as we can by sharing real market data to give you a better insight into the local market.
We thank you for watching, and we'll see you soon.