Miami Beach Real Estate: Too Blind To See It?
The number of Miami Beach condos on the market seems to be showing a clear trend downward. In May of 2007 the real estate inventory peaked at just over 5,700 Miami Beach condos on the market; the latest figures show about 4,800 units available for sale.
In January 2005 there were 1,676 units on the market. Four years later there are 4,808 units for sale in, what I call the “Greater Miami Beach” area (Fisher Island, Miami Beach-including South Beach, Surfside, Bay Harbor Islands, Bal Harbour and North Bay Village). That is almost 190% increase in inventory. Wow.
What Does This Mean?
My crystal ball is in the shop, but knowing just a tad about the subject, I’d think it is safe to assume……..nothing. Without the contraction of the credit markets issue, I’d say that maybe there has been just enough blood-shed to satisfy buyers; BUT with the lack of liquidity, we’re in for a longer and bumpier ride.
Bank-Owned Real Estate -Greater Miami Beach
- $300k+ 22 units listed for sale
- $300k- 90 units listed for sale
Identified as Short-Sale-Greater Miami Beach
- $300k+ 286 units listed for sale
- $300k- 575 units listed for sale
Statistics taken on 2/25/09 from the Southeast Florida Regional (SEFR) MLS and from the associations participating in the SEFR.