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Miami Condo Market Outlook for the Second Half of 2018


Large Condo Inventory, Slow Sales Rate; 16 months of supply

  • In March Inventory Levels exceeded 16,000 units for the first time EVER in Miami-Dade County
  • Transaction volume lagged during the first quarter of 2018. But May's transactions brought the average up and Inventory Levels decreased to 15,502 units 
  • Rental market remains extremely strong in Brickell / Downtown area 
  • Demand for condominiums listed at $500,000 or below, demand has increased up with price reductions and valuations have begun to make purchase of those condominiums more attractive. 
 

 

Expectations for Second Half of 2018

Further analysis of the market indicates mean reversion of seller price is trending towards the downside. This means sellers are likely to revise their existing prices further downwards and it is expected that lowered seller pricing  will be required in order to clear the market inventory

Mortgage rates will continue to rise. The below chart show the 15-year and 30-year mortgage rates compared to the 10-year treasury yield which has been on the rise.  It will take a few months to see the impact of these rates moves, but they will certainly be seen in transaction volume and sale prices in the upcoming months 


 

 

Deal Alert - Brickell Condo Market

ECHO BRICKELL | Constructed in 2016 | Total Number of units 180 | Average Price  $2MN
 
  • 58 units are listed on MLS, around 32% of the building 
  • 1 unit sold in resale market since 2016
  •  At an average units listed on MLS are reduced by 12% from their listing price
We should see significant downward pricing revisions in the coming months given the current inventory levels
 
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Varun Hemraj

Real Estate Advisor
West Avenue Realty
TheBrickellRealtor@gmail.com
THEBRICKELL.com
 
Copyright © 2018 TheBrickell.com. All rights reserved.
 

Disclaimer: The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein.
Source : Statfunding.com


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