Brickell Condo Blog | The Riley Smith Group

Brickell Key Condo May 2013 Market Update

June 5th, 2013 Written By Thomas Grimshaw

Less inventory means fewer sales. But the values continue to climb on Brickell Key.

Here are the numbers for May 2013:

Criteria                                              May ’12         May’13            % Change

Number of Closed Sales                       20                     15                        – 25

Average List Price                           $605,625           $732,333                  +21

Average Sale Price                          $561,550           $686,867                 +22

Average Sale Price/Square foot       $361                    $444                      +23

Average Days on the Market             207                       113                     – 45

Total Value of all Sales                $11,231,000        $10,303,000               – 8

Inventory is is slightly up in May from 108 to 111 condos actively for sale on Brickell Key.

One of the stats that we find very interesting is the ratio of List Price/Sale Price.  It remains steady at an average of about 95%.  This means that Sellers and their Brokers are generally pricing things correctly.

This is very helpful if you are a buyer because if the property was priced correctly then you can plan to pay about 95% of the asking price after negotiations.

For Seller’s this type of information should be even more helpful.  Price it your property correctly according to current market conditions.  Work with a Broker who will market your property globally, aggressively and efficiently (hint – I’m not referring to Sunday newspaper ads). You should then expect to be able to achieve a sale in 4-6 months.

We have the analysis for all individual buildings and would be happy to share them with you at your request.  Please let us know what you need.

*Data provided by the SEF MLS

We know the numbers and track the Brickell real estate market.  If you would like to schedule a buyer or seller consultation, please feel free to contact us at 305-960-5317 or send us a note here. 

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This entry was posted on Wednesday, June 5th, 2013 at 9:32 pm and is filed under Brickell Key Condo Market, Brickell Real Estate, On Brickell Key Condo Market, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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