Miami Real Estate Report March 1, 2008
Miami is different than most other cities in the US, in that there is an international clientele for real estate and luxury homes. Moreover, Miami real estate is undervalued when compared to cities like Malibu, Beverly Hills, Santa Monica, and Las Vegas, as well as some of our Northeast cities, like Boston and New York, Stamford, and Greenwich.
There is a problem, however. Miami Beach homes for sale are still listed far too high for a significant number of sales to take place. Sellers are still more or less oblivious of the value of their homes in this market, and are still listing their properties well above market value. This is especially true of luxury homes being listed in the Miami area.
In Miami Beach alone, including zip codes 33139 through 33154, there are a total of 165 luxury waterfront homes listed for sale, each with an asking price of $2,000,000 or more. In the same zip codes, there were a meager 32 listed waterfront homes sold in the past 12 months for $2,000,000 or more.
People who want to buy property are waiting for the market to go down some more before making a purchase, and that includes Europeans who have been coming here this winter. They have been shopping because everything is so cheap with respect to the Euro, but they have not been purchasing homes and condos. Homeowners who want to sell are going to have to come to grips with the present.
Recent statistics reported by the Realtor Association of Miami-Dade County clearly point to a depressed real estate market in the Miami area. In December 2007, there were a total of 1,154 sales of single-family homes in Dade County, with a median sales price of $305,000. In December 2006, there were 2,818 homes sold in Dade, with a median sales price of $335,000. In November 2007, there were a total of 1,004 sales of single-family homes in Dade County, with a median sales price of $315,000. In November 2006, there were 2,444 homes sold in Dade, with a median sales price of $335,000.
With respect to condo sales, the results were similar. In December 2007, there were 1,690 condo sales in Dade, with a median sales price of $248,000. Twelve months earlier, 3,548 condos sold, with a median sales price of $250,000. In November 2007, there were 1,415 condo sales in Dade, with a median sales price of $240,000. In November 2006, there were 3,250 condo sales in Dade, with a median sales price of $242,950.