The Miami Real Estate Q3 2017 results are in. The third quarter of 2017 had similar results to the second quarter of 2017 which provided mixed results for Miami and Miami Beach. The Single Family resales of the $1Million+ price range for Miami (Dade-County) saw a slight decrease of 3.8% in its AVG dollar per SQFT when compared to Q3 2016. The days on market were essentially the same as Q3 last year at around 205 days.
The Condo resales AVG dollar per square foot in the $1 million + price range for Miami (Miami-Dade) in Q3 2017 enjoyed a 2% increase and sales speed remained the same at around 252 days on market.
Miami Beach single family homes in the $1 million+ price range saw a slight decrease when compared to Q3 2016, and sellers remained on the market about 40 days longer on average when compared to Q3 2016. Miami Beach CONDO sellers in the $1 million+ range enjoyed a 7% increase in its AVG dollar per square foot in Q3 2017 when contrasted to Q3 2016. This is a big win for Miami Beach condo owners given we are still present in a buyer’s market. Condos in Miami Beach sold about 50 days faster in Q3 2017 in Miami Beach when compared to Q3 2016.
The question now remains, moving forward, if this trend continues to be the same for Miami Beach, will we see the cooling down of a buyer’s market? This is a very good time for Buyers to pursue a purchase while prices remain much lower than 2014 / 2015 peak market.
CLICK HERE to see the South of Fifth in Miami Beach Q3 2017 Real Estate Results
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