WHAT HAPPENED IN 2018 WITH MIAMI’S REAL ESTATE?

Daniela Pellicciotti from Condoideas Realty Group shows her insights into what happened in Miami’s Real Estate in 2018.

Now that 2018 is over, we have the perfect opportunity to understand how does the Real Estate market evolved from 2017 to this past year.

There are important takeaways from this study, let’s have a look at the evolution of each neighborhood.

First of all, let’s have a look in more details at our yearly analysis of the hottest condos in South Beach. At a first glance, we notice that sales are increasing in almost every condo.
In terms of volume of sales, the trend is going upward. The average is around 12% with a peak for the Icon which is up 225% and the Continuum North up 180%. The Yacht Club sales are also up 22% compared to 2017.
On the other side, sales prices are down which could partly explain why the volume of sales has drastically increased. The Murano at Portofino sales average prices went down from $1,530/sqft in 2017 to $1,061/sqft in 2018. 
The most important take away? Prices are down and it’s the perfect moment to invest! 

On the other hand, we can notice that Brickell is again a hot zone to buy real estate! For this neighborhood, we can see that both the prices and the volume of sales are up. This is very rare. But why did this happened? Because the demand is upon them and the supply is these condos is not high so it drives prices higher. We can see for example that in the Asia condo sales are up 400%, even if the price/sqft also went up by 31.93%. We can notice this tendency in 6 out of 8 buildings 
Overall the sales in these Brickell condos rose 10.22% with a price/sqft increase of 6.86%.
This is very good news for the 2019 sales. Despite all the new construction, Brickell condo living has not lost its appeal!

Finally, we can see that Downtown has clearly followed the normal pattern. Sales for this zone went up in 24%, being the neighborhood with the biggest growth of the zones analyzed. Condos like Marquis, Paramount Bay or Marina Blue, had a growth of +86%, +78%, and +77% respectively. Now, looking at the prices, we noticed that the average price decreased -4% and almost all of the condos studied, had a slight decrease in their selling prices.
Downtown showed the biggest amount of sales for 2018 compared to South Beach and Brickell, proving people are looking to invest in this thriving neighborhood more and more every year.

For newly built condos, we can see that there is a different trend. The years of inventory of this brand new building is really high, even if their prices are also increasing. There is clearly a contradiction, so they need to rethink if the market prices have to be updated.

In terms of volume of sales, the trend is going upward. The average is around 12% with a peak for the Icon which is up 225% and the Continuum North up 180%. The Yacht Club sales are also up 22% compared to 2017.
On the other side, sales prices are down which could partly explain why the volume of sales has drastically increased. The Murano at Portofino sales average prices went down from $1,530/sqft in 2017 to $1,061/sqft in 2018. 
The most important take away? Prices are down and it’s the perfect moment to invest! 

On the other hand, we can notice that Brickell is again a hot zone to buy real estate! For this neighborhood, we can see that both the prices and the volume of sales are up. This is very rare. But why did this happened? Because the demand is upon them and the supply is these condos is not high so it drives prices higher. We can see for example that in the Asia condo sales are up 400%, even if the price/sqft also went up by 31.93%. We can notice this tendency in 6 out of 8 buildings 
Overall the sales in these Brickell condos rose 10.22% with a price/sqft increase of 6.86%.
This is very good news for the 2019 sales. Despite all the new construction, Brickell condo living has not lost its appeal!

Finally, we can see that Downtown has clearly followed the normal pattern. Sales for this zone went up in 24%, being the neighborhood with the biggest growth of the zones analyzed. Condos like Marquis, Paramount Bay or Marina Blue, had a growth of +86%, +78%, and +77% respectively. Now, looking at the prices, we noticed that the average price decreased -4% and almost all of the condos studied, had a slight decrease in their selling prices.
Downtown showed the biggest amount of sales for 2018 compared to South Beach and Brickell, proving people are looking to invest in this thriving neighborhood more and more every year.

For newly built condos, we can see that there is a different trend. The years of inventory of this brand new building is really high, even if their prices are also increasing. There is clearly a contradiction, so they need to rethink if the market prices have to be updated.