Second quarter condo sales grow throughout greater Miami

by Andrew Morrell

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As reports on the second quarter performance of Miami-area housing markets continue to appear, the latest release from Brown Harris Stevens zooms in even closer.

BHS Miami’s Q2 2018 sales report details market statistics for most of the Miami area’s major municipalities and neighborhoods. That includes in-depth reports on home and condo sales around Miami Beach and surrounding areas, as well as downtown Miami and other cities within Miami-Dade County like Aventura, Coral Gables and others.

Condos located in Miami Beach proper — which extends from 5th St. north to West 63rd St. — made up the bulk of sales volume detailed in the BHS report, with 351 closed condo sales during Q2. BHS also found that sales performance largely matched the findings of Douglas Elliman’s broader Q2 report — Miami Beach recorded growth in the number of closed condo sales but an almost 4 percent decrease in median sales price. The number of new listings also declined 6.1 percent annually. The BHS report also found that including Q2 2018, the last four quarters have all brought higher numbers of closed condo listings in Miami Beach.

The BHS report on Miami Beach condo sales also broke down the types of condos that sold during Q2 and reported their median prices. The bulk of condo units sold during the period (42.2 percent) were listed as one bedrooms, and fetched a median price of $251,250. But in certain parts of Miami Beach, like Surfside, Bal Harbour, Sunny Isles and Key Biscayne, two bedroom condos predominate.

Outside of Miami Beach, closed condo sales in the second quarter of 2018 were concentrated in Aventura (287 closed sales) and Brickell (280 closed sales). Prices in both markets increased over the prior year by wide margins: In Aventura, the median condo sale price was $317,500, a 9.1 percent spike over last year, while Brickell saw median price growth of 4.1 percent to $380,000. Notably, Brickell’s 280 closed sales represented a nearly 50 percent increase over Q2 2017, while 809 new listings came online during the same period.

Read the rest of the BHS Q2 2018 sales report here, which includes data for condos and single-family home sales within other Miami communities.

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