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The Brits of Miami and the Beaches Logo

Miami Beach Condo Market - are prices finally rising?

There’s definitely a buzz in Miami Beach in 2011 and as we’ve just finished the first quarter, of what we in the business know is going to be the not so gradual shift away from buyer’s power

 
 
Screen shot 2011-04-05 at 2.02.51 PM
Screen shot 2011-04-05 at 2.02.51 PM
PRLog - Apr. 5, 2011 - MIAMI BEACH, Fla. -- There’s definitely a buzz in Miami Beach in 2011 and as we’ve just finished the first quarter, of what we in the business know is going to be the not so gradual shift away from buyer’s power, we thought it apt to see what’s happened to prices and the predictions for the year to come.

The Miami Brits, Alistair Powell and Shelly Northern have most certainly seen the change; “The number of enquiries we are receiving on a daily basis is definitely rising” says Mr Powell “and the gap between list price and final agreed price is closing rapidly showing that buyers are now willing to pay the higher premiums for good properties”

“Home sale have been exceeding new inventory for several weeks now. Since this is a still officially a buyer’s market according to the market action index, the listing prices are not rising yet until the excess inventory is consumed.” continued Mr Powell.

“Sellers need to be realistic. The market is moving and if they are pricing unrealistically, they’re going to miss the active buyers out there” added Ms Northern, “while there is still a reasonable amount of inventory, it can probably be said that 20% of the inventory is getting 80% of the activity”

Mr Powell said “we’ve seen the market action index shift from a low of 11.8 in summer 2010 to 19.46 this week.... that’s a definite move towards a seller’s market again. The change point from buyers to sellers market is 30 so we’re getting close.....”

“It’s important for buyers to realize that if they want the deals that were around 12 months ago, they’re in the final few weeks/months of being available as the money starts to flow back into Miami Beach.”

“Realtors can see and feel the recovery and so can the sellers but while this is all good news, it’s important for sellers to still realize it is a buyer’s market for the near future and price accordingly..... If it’s not selling, it’s because of 3 factors - price, price and price....”

The latest market report for Condos in Miami Beach shows that:

* Median List Price has stayed the same
* Asking price per square foot has stayed the same
Average days on market has dropped significantly
Inventory of Properties Listed has dropped significantly

The latest market report for Single Family Homes in Miami Beach shows that:

Median List Price has dropped slightly
* Asking price per square foot has stayed the same
Average days on market has stayed the same
Inventory of Properties Listed has dropped significantly

All the above shows that should this sales trend continue, prices are potentially expected to resume their climb soon and it will be interesting to watch prices as the market transitions from a Buyer’s market to a Seller’s market in the not too distant future...

To view the full reports, the links are below:

Miami Beach Condos: http://issuu.com/alistairpowell/docs/alistair-powell-mark...
Miami Beach Single Family Homes: http://issuu.com/alistairpowell/docs/alistair-powell-mark...
Coral Gables Single Family Homes: http://issuu.com/alistairpowell/docs/alistair-powell-mark...

For more information on the Miami Beach property market, contact The Miami Brits at 305.815.0880 or 786.525.1721; or visit www.FineHomesInMiami.com

Find more about The Brits of Miami Beach at www.TheMiamiBrits.com

# # #

Alistair Powell and Shelly Northern have almost 20 years combined real estate experience in Europe, Asia and the United States. Alistair was acclaimed with "Young Guns Entrepreneur of the Year 2008" and Shelly holds a brokers license.

Photo:
http://www.prlog.org/11419234/1

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Source:The Brits of Miami and the Beaches
Phone:3058150880
Zip:33139
City/Town:Miami Beach - Florida - United States
Industry:Business, Mortgage, Real Estate
Tags:miami beach, condos, alistair powell, the brits
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