Video Courtesy of: Brickell Condo Real Estate/Youtube
Miami real estate has been booming in recent years that not even a global pandemic could take down. Overall, the data is not bad with all things considered. Let’s see how our Brickell, Downtown, and Edgewater neighborhoods weathered the apocalypse comparing year over year analytics.
Brickell’s condo sale market did better than expected. Median sales price actually increase $5,000 from $380,000 to $385,000. Median price per sqft dropped by $26/sqft from $379/sqft to $353/sqft; a 7% reduction. Sales volume took the biggest hit as condo buildings refused access to buyers and realtors. The demand was present, however, the ability to show was not. This accounted for the 33% reduction in sales volume from 303 to 99 closed transactions. This also caused an increase in median days on the market by 17% from 137 to 165 days. Median negotiability increased to 7% for the first time in recent quarters, up from 5%. Great news for buyers! As economic uncertainty loomed, more people chose to hang onto their cash and opt for financing as the percentage of cash transactions dropped from 52% to 33%.
Brickell’s rental market showed similar impact. Median rental price actually decreased by 7% from $2483 to $2300/month. However, median price per sqft rose slightly by 2% from $2.60/sqft to $2.66/sqft. Rental volume also took a 31% hit also due to access from 880 to 603 closed transactions. Median days on the market remained mostly stable increasing only 1 day from 46 days to 47 days. Median negotiability changed for the first time in many quarters from the long held 3% to 4%.
Downtown’s condo sales market also did not do terrible. Median sales price also rose by $5,000 from $315,000 to $320,000. Median price per sqft dipped by 6% from $331/sqft to $311/sqft. Sales volume to a huge 43% hit from 95 to 54 closed transactions. Median days on the market also rose by 23% from 149 days to 194 days. However, negotiability remained stable at 5%. Percentage of cash transactions also dropped from 43% to 31%.
Edgewater’s condo market also weathered the storm quite well. Median sales price increased by 11% from $317,000 to $358,000; a $41,000 increase! Median price per sqft slightly decreased from $326/sqft to $324/sqft. Sales volume in this area also took a massive 46% hit from building access denial from 162 to 87 closed transactions. Median days on the market also increased 46% from 123 days to 230 days. Inspections, appraisals, HOA approval, and financing we all delayed during the middle of the crisis. Median negotiability increased a bit from 5% to 6%. Percentage of cash transactions followed suit with the other areas and dropped from 45% to 34%.
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