It is already November and we thought it was time to see where the market was and particularly the Plaza Brickell, at the end of the 3rd Quarter 2016.
I like a comparison on year-to-date numbers. We could do the comparison between one quarter and the previous one but Miami has a strong seasonal component in its activity. The summer is not as active as the winter for example.
The Activity was quite stable with 40 Sales recorded from January 1st 2015 to September 30 2015, versus 38 sales for the same time period this year. Nothing significant there.
However when you compare it with the rest of the activity in Brickell, we note 793 sales for the first 3 quarters of 2015 down to 603 sales for the same quarters in 2016, which is a 24% reduction in activity. So in a nutshell the Plaza Brickell is holding its own quite nicely in terms of activity.
In terms of Median Price we went from $452,500 in 2015 (first 3 quarters) to $410,000 in 2016. That translates in price per square foot as $460/sq.ft. in 2015 down to $416/sq.ft. in 2016.
The Plaza Brickell lost 9.6%.
The same analysis on the entire Brickell area shows that in the first 3 quarters of 2015 the Median Price was $410,000 in 2015 down to $375,000 in 2016. In price per square foot it is $400/sq.ft in 2015 down to $371/sq.ft. in 2016, so a 7.3% loss for the entire Brickell.
The Plaza Brickell did slightly underperform the whole local market. It’s not too bad but we will follow up on this to see if it is really a real trend.
Last but not least is for us the Median Days on the Market, which is how many days a property stays on the market before getting to the closing table. It was very stable for the Plaza Brickell with 131.5 days in 2015 and now 131 days in 2016.
But it was not the same for Brickell in its entirety. It went up from 97 days in 2015 to 136 days in 2016. We can say that the Plaza Brickell was slower in 2015 than the rest of Brickell but we are now aligned with the rest of the neighborhood.
Pricing a unit in a down market is tricky. You need to get to a reasonable price so that you find a buyer, and you don’t wait too long in case the downtrend continues.
If you are interested and motivated to sell your condominium please contact us and it will be a pleasure to study your particular unit and see what will be the best competitive pricing in these special times.
Stay tuned, we will come soon with an analysis of the rental market.
We are specialists of the Plaza Brickell and we are looking forward to assisting you in selling, buying, renting or managing your unit.