Posted by : admin in (Miami Beach, Values !)
Sales and pending sales are picking up!
Sales and pending sales in all three Miami Beach zip codes showed a remarkable up tick during April and May of 2008, significantly reducing the number of months necessary to dispose of existing condo inventory.
For example, in the South Beach 33139 zip code the months of inventory fell from a high of about 55 or 60 months during the winter of 2007 to only between 18 and 21 months in April and May of 2008. June figures showed a slightly higher figure of 25.9 months of inventory – still a far cry from almost 5 years of inventory just months ago.
Facts and Trends, a statistical service provided to EWM Realtors, showed similarly positive results in the mid-beach zip code 33140 and north beach zip code, 33141. In May 2008 there were 37 waterfront condos sold and 40 with pending sales in mid-beach, the strongest figures in months. In February 2008 there was 96 months of inventory of those condos based on closed sales but by May the figure had dropped to 25 months!
June statistics in all zip codes showed diminished sales but the pending sales figures remained relatively strong for the month. And while the inventory of all Miami Beach properties remains high, sustaining a strong buyers market, it appears that buyers long sitting on the fence have decided to move.
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Jane and Jean-Marie (John) Losson +1-305 924 0262
Esslinger-Wooten-Maxwell, Inc. Realtors, Inc.
The above graph shows the “months of inventory” in South Beach (Zipcode 33139) for Waterfront condos.
Similar graph for the 33139 zipcode, but for all condos properties : VIEW.
