Miami Beach and South Beach Real Estate Market OVERVIEW
Miami Beach condo sales activity has increased significantly in the second quarter of 2011, especially for waterfront luxury properties. The second quarter of this year was also defined by an increase in high-end Miami Beach home sales. The Miami Beach and South Beach condo and single family residential market experienced sales surges fueled by strong demand for waterfront and oceanfront properties. Ultra-luxury waterfront communities have witnessed near-record sales activity since the housing market price corrections of the past few years. For example, this year’s most ultra-luxury home sale was an incredible Star Island home that sold for an amazing $25,500,000.
Home price indicators saw positive gains, especially for zip codes 33139, 33140, & 33141 in Miami Beach with a boundary up to 30th street. The median sales price declined 15.9% year over year to $925,000 for Miami Beach single family homes. Consequently, the number of closed home sales transactions in Miami Beach increased 6.6% to sixty five individual homes sold during this period. High end, luxury homes sales increased and defined the market, which is consistent with the overall national trend of wealthy individuals (especially foreign buyers) driving the luxury real estate market in premier real estate areas of the country. Although Miami Beach single family home prices declined as sales edged higher (median sales price declined 15.9% to $925,000 down from $1,100,000) which is about 14% of Southeast Florida regional sales.
In highly desired waterfront areas with a high concentration of luxury condo buildings (such as the South of Fifth neighborhood of South Beach) slightly lower sales prices, and an influx of wealthy cash buyers, attributed to a large increase in the number of sold condominiums. Miami Beach's market trends indicate a stabilization in condo prices, with the average price per square foot declining by just 0.6% year over as the number of closed sales surged 25.3%.
Miami Beach's overall Real Estate Market has seen much positive news this year, including an increase in luxury waterfront condo & home demand, record breaking sales, more affordable sales prices, condo building sell-outs, and a steady stream of international buyers making second and vacation homes purchases on Miami Beach.
Summary of Miami Beach Real Estate Market activity
Miami Beach Home sales statistics for zip codes 33139, 33140, 33141
Single Family Homes for Sale ($1 Million and above): 294
Miami Beach Homes Sold YTD ($1 Million and above): 86
Average Miami Beach Home Sale Price: $3,401,000
Market Analysis of Miami Beach Home Sales YTD
| Market Analysis of Miami Beach Home Sales YTD |
| Property Type: Single Family (RE1) | Status: Closed Sale | Number of Properties: 86 | | | | | |
| | #Beds | #FBaths | SF/FF | List Price | LP$/SqFt | Sale Price | SP$/SqFt |
| High | 12 | 13 | 15,101 | $32,000,000 | $2,195 | $25,500,000 | $1,739 |
| Low | 0 | 0 | 1,575 | $999,900 | $97 | $1,000,400 | $82 |
| Average | 5.02 | 4.7 | 5,154.76 | $3,961,518 | $703 | $3,401,960 | $612 |
| Median | 5 | 4 | 4,117 | $2,472,500 | $670 | $2,253,000 | $590 |
Miami Beach Condo sales statistics for zip codes 33139, 33140, 33141:
Condos for Sale ($1 Million and above): 1,812
Miami Beach Condo Sold YTD ($1 Million and above): 163
Average Miami Beach Condo Sale Price: $2,260,810
Miami Beach Condo Sales YTD| Miami Beach Condo Sales YTD |
| Property Type: Condo/Coop/Villa/Twnhse (RE2) | Status: Closed Sale | Number of Properties: 163 | | | | | |
| | #Beds | #FBaths | SF/FF | List Price | LP$/SqFt | Sale Price | SP$/SqFt |
| High | 6 | 7 | 6,853 | $24,000,000 | $11,310 | $11,500,000 | $2,602 |
| Low | 0 | 1 | 574 | $1,050,000 | $332 | $1,000,000 | $301 |
| Average | 2.74 | 2.72 | 2,363.40 | $2,654,511 | $1,120 | $2,260,810 | $959 |
| Median | 3 | 3 | 2,072 | $1,799,900 | $925 | $1,650,000 | $846 |
