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The WiseCat REPORT: Miami Beach & Barrier Islands Real Estate Market Recap (Q1, 2018)

April 26, 2018

The First Quarter of 2018 was very busy in Miami Beach as Buyers who dragged their feet pre-hurricane, took advantage of increased inventory and motivated sellers.  Condo sales outpaced single-family homes, the number of all cash buyers increased, and Foreign National Buyers returned to take advantage of deals left on the table post-hurricane. The WiseCat is forecasting a busier second quarter with South American and Canadian Buyers, along with Investors/Second Home Buyers from the Northeast and Midwest, returning to finalize their new purchases.

Here’s a summary of how the Miami Beach Real Estate market performed during January, February, and March 2018 (see attached): 

  • INVENTORY INCREASED 9.4%
  • DAYS ON MARKET DECREASED
  • THE MEDIAN PRICE INCREASED 11.7% (3rd Quarter in a row)
  • SALES ACTIVITY INCREASED vs the same period one year ago
  • DISCOUNTS INCREASED (from Original List Price)  – and,
  • NEGOTIABILITY DECREASED WHILE PENDING CONTRACTS INCREASED.

Closed Sales were 3.3% less when compared to the same period one year ago; however, Pending Sales rose 22.5% and New Pending Sales (for contracts signed during the First Quarter) surged 54% – which means the Second Quarter is off to a very busy start. 

No doubt, it’s a great time to be a Buyer in Miami Beach!

Search easily for condos and houses in the most popular areas of Miami & The Beaches:

SOUTH OF FIFTH LUXURY CONDOS

SOUTH BEACH WATERFRONT CONDOS

MIAMI BEACH OCEANFRONT CONDOS (Mid Beach + North Beach)

MIAMI BEACH ISLAND HOMES

MIAMI BEACH  MID BEACH HOMES

AQUA + ALLISON ISLAND HOMES + CONDOS

SURFSIDE + BAL HARBOUR CONDOS

SUNNY ISLES BEACH CONDOS

For all your Miami real estate needs, “Get Wise with WiseCat Realtors!”

 

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