Real Time Market Report MARKET UPDATE NORTH MIAMI BEACH, FL
· Current Real Estate Market Conditions for Condos & Townhomes · Trends in Pricing · Current Levels of Supply and Demand · Value Metrics
· Report for the week of September 01, 2014
· Presented by Iain Montford & Carlos Garcia ONE Sothebys International Realty http://www.cmgg.net +1.305.741.0741
Powered by Altos Research LLC | www.altosresearch.com | Copyright ©2005-2014 Altos Research LLC
City Overview
Condos & Townhomes in
NORTH MIAMI BEACH, FL
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
This Week
Real-Time Market Profile
The median list price in NORTH MIAMI BEACH, FL this week is $425,000. The 1197 properties have been on the market for an average of 481 days.
$ 425,000
Average List Price
$ 1,067,764 $ 344
Asking Price Per Square Foot Average Days on Market (DoM)
481
Inventory of Properties Listed
1197
Most Expensive Listing
Inventory and days-on-market are both trending higher recently. However, the improving Market Action Index implies some increased demand will temper the negative trends.
Trend
Median List Price
≠ == =
$ 24,750,000
Least Expensive Listing
$ 10,900
Average Age of Listing
23
Percent of Properties with Price Decrease
22 %
Percent Relisted (reset DOM)
92 %
Percent Flip (price increased)
6%
Median House Size (sq ft)
1350
Median Number of Bedrooms
2.0
Median Number of Bathrooms
2.0
Supply and Demand
±+
Altos Research Value Statistics
Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer's market to a Seller's market.
Market Action Index
Strong Buyer's
15.9
==
The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give the advantage to the buyer.
Trend Key:
±+
No change
== Strong upward trend ≠≠ Strong downward trend = Slight upward trend ≠ Slight downward trend
Characteristics per Quartile Quartile
Median Price
Sq. Ft.
Beds
Baths
Top/First
$ 2,100,000
2558
3.0
3.5
7
299
3
2
538
Most expensive 25% of properties
Upper/Second
$ 695,000
1530
2.0
2.0
11
299
4
4
491
Upper-middle 25% of properties
Lower/Third
$ 325,000
1169
2.0
2.0
39
299
9
3
506
Lower-middle 25% of properties
Bottom/Fourth
$ 180,000
887
1.0
1.5
41
300
8
23
388
Least expensive 25% of properties
Page 2 of 6
Age Inventory
New
Absorbed
Monday September 1, 2014
DOM
Condos & Townhomes in
City Overview
NORTH MIAMI BEACH, FL
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
Median Price This week prices bumped up a bit but the trend of the last few weeks is generally downward. The Market Action Index is a good leading indicator for the durability of this shift.
7-day Average
90-day Average
Quartile Prices Prices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.
First/Top
Page 3 of 6
Second/Upper
Third/Lower
Monday September 1, 2014
Fourth/Bottom
Condos & Townhomes in
City Overview
NORTH MIAMI BEACH, FL
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
Price per Square Foot The market's light downward trends are shared across both price and value. People are recently placing less value on homes (you can see the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.
7-day Average
90-day Average
Inventory of Properties Listed for Sale Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.
7-day Average
Page 4 of 6
90-day Average
Monday September 1, 2014
Condos & Townhomes in
City Overview
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
NORTH MIAMI BEACH, FL
Market Action Index The NORTH MIAMI BEACH market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 15.88. With several months of inventory available at the current sales rate, buyers should find ample choice.
90-day Average
Buyers/Sellers Cutoff
Market Action Index per Quartile Not surprisingly given the overall Market Action Index, all quartiles are in the Buyer's Market zone with several months of inventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall market shifts. Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole group changes.
First/Top
Second/Upper
Third/Lower
Fourth/Bottom
Buyers/Sellers Cutoff Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Advantage zone (below 30) for a long period, prices are likely in for a downward correction.
Page 5 of 6
Monday September 1, 2014
Condos & Townhomes in
City Overview
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
NORTH MIAMI BEACH, FL
Days on Market The properties have been on the market for an average of 481 days. Half of the listings have come newly on the market in the past 560 or so days.
7-day Average
90-day Average
Days on Market per Quartile It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.
First/Top
Page 6 of 6
Second/Upper
Third/Lower
Monday September 1, 2014
Fourth/Bottom