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THE WAVERLY SOUTH BEACH REPORT | 2018 CONDO SALES

Waverly condo sales updated June 23, 2018

1 bedroom sales: Waverly 2018

Condos Sold:3
Price range:$315,000 - $338,000
Avg Price:$324,333
Avg Price /sq ft:$405

Waverly annual sales volume

Waverly South Beach Condo Sales Volume Chart - snapshot | Analytics Miami
[showcaseidx_hotsheet name=”Waverly Two Bedrooms – Analytics”]

Ana's Tip:
Knowing where you are in the market cycle is the most important factor in deciding when to sell and for how much.

Miami Beach Condo Inventory Is At All-Time Highs

$500K - $999K months of inventory: 33.7
$1M - $2.99M months of inventory: 48.3
$3M+ months of inventory: 86.4

In December 2017:

11 condos sold in Miami Beach priced between $1M - $2.99M.
3 condos sold in Miami Beach for $3M+. There were 288 active listings.

The luxury condo market is still in the inventory accumulation phase, as 2017 closed out at all time highs in that regard. Inventory has to clear for pressure to come off prices. We are starting to see luxury properties sell at significant discounts off their asking prices, but the issue remains that there are so few bids past $3M and so much inventory. We will have to see how this plays out.

Miami Beach Condos, $1M+ annual sales volume. Charted through 2017.
Miami Beach Condo Market: Loss of Cash Buyers | Sales Volume | Analytics Miami
Source: Miami MLS.
Miami Beach Condos, $1M+ months of inventory / absorption rate. Charted monthly 2017.
Source: Miami MLS.

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