Brickell Condo Market Update for July 2013

August 2nd, 2013 Written By

The July 2013 numbers are in! It’s hot in Brickell, and we aren’t talking about the weather. Where possible we’ve compared them with June 2012 to show trends. Every day somebody says, “Oh it seems like the Brickell Real Estate Market is doing better.” It seems a lot of people are not really paying attention to what is happening, and may miss the boat to sell.

Have a look:

Brickell July Update

Now for the fourth month in a row, inventory is up slightly, 48 more condos for sale this month than in June. There are now 708 condos actively for sale in Brickell.

The big news about the numbers is that while the actual number of sales is down by 20 units year over year, the total value of those sales is up over $5 million dollars. That is an increase of 14%. Average Sale Price per Square foot is also up 22%. But, Average number of Days on the Market continues to creep up. We stated that this could indicate that Sellers are very confident about their asking prices. They are waiting a little longer and getting higher prices. On average, sales prices in June were within 4% of asking prices. That does not leave much room for negotiation for buyers.

Summer is usually a bit slower in Miami, but not any more. Drawing buyers from around the world negates any market seasonality.

If you are thinking of selling now is the time to get your property on the market. If you are a buyer in the market and you see something you like, do not wait.

*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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