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!
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