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The Miami Beach housing market showed more overall sales activity with a lower rate of inventory growth and a shift towards larger luxury units. There were 1,025 sales in the quarter, up 10.7% from the year-ago quarter. Miami Beach Condo sales showed higher sales growth with an expansion of market share of 3, 4 and 5-bedroom units as well as an 8.6% rise in average sales square footage.

Although listing inventory of Miami Beach condos for sale has been rising for more than four years, the rate of growth has eased considerably in past year. Overall inventory growth was 3.9% to 6,319 listings over the same period. The combination of rising sales and falling supply resulted in a slightly faster market pace. The absorption rate, the number of months to sell all inventory at the current rate of sales, was 6.1% faster, falling to 18.5 months from 19.7 months in the

year-ago quarter. Days on market, the number of days from the last price change, to the contract date, rose 6.5% to 148 days. Overall median sales price rose 7% to $438,000, and the average sales price jumped 15.8% to $1,098,024 respectively from the prior-year quarter. The significant gain in average sales price illustrates the shift to more substantial sized sales across the market.

Visit our site to see a current list of South Beach condos for sale and South Beach condos for rent We are available to show properties, or just to talk to you further about the Miami Beach real estate market.

There are opportunities for both buyers and sellers. You can call, text or e-mail me anytime. I’m also on WhatsApp, +1 (786) 200-3966.

With summer just around the corner, I wanted to share some information on the most recent real estate activity in Miami Beach, I researched the last 100 sales along the coast.

Here’s what I discovered:
• There were just over 100 condo and home sales, priced at $500,000 and higher
• We saw about $198,959,525 in sales, roughly averaging about $866 per square foot
• The average selling price of all 100 properties was just under $2M ($1,989,595)

• The highest sale by price was a home on Star Island, selling for $33M ($1941.18/sqft). This is huge, as per the MLS the last recorded sale on Star island was in July of 2014.
• Setai South Beach had the highest sale by price-per-square-foot, Setai Penthouse -VC, sold for $2667/sqft ($9.525M)
• Unit 1405 in IL Villaggio South Beach also sold for $4.9M. This is significant as there hadn’t been a sale in IL Villaggio Since March of 2017.

Needless to say, it’s been a really good last 30 days! Call or text David (786) 200-3966 email David@miamibeachhomefinder.com

For information on all IL Villaggio South Beach For Sale | CONDOS| LOFTS My team and I are at your service 7 days a week.

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It’s been reported that a company tied to AQR Capital Management co-founder Cliff Asness is the buyer of a South Beach penthouse at 321 Ocean Drive that sold last week for a record breaking $26 million.

Skurge LLC, a Delaware, purchased the 6,807-square-foot 5bedroom penthouse located at 321 Ocean Drive. Mr. Asness net worth is listed by Forbes magazine at $3.8 billion.

The sellers, tried to flip the originally listed the Miami Beach penthouse for sale for $53 million in 2015, the same year they closed on the property for $20 million. It was relisted last year for $35 million with Douglas Elliman. The 321 Ocean unit sold for more than $3,800 per square foot in what is the most expensive condo sale of the year.

See and a detailed and up to date list of all Miami Beach Luxury condos for sale today