South Beach Real Estate Update

2012 looks like the year things in the world of real estate start turning around. Here on the South Beach our limited supply puts us in a market that responds very quickly and dramatically to national trends. To review the freshest information on market trends around the country

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On the South Beach, comparing 1 year residential sales from April 1st, 2010 to the end of March 2011 with April 1st, 2011 until end of March 2012 the following statistics confirm the national market trend:

South Beach Residential / Condominium Unit Sales:

20% Increase in Unit Sales Volume

15% Reduction in “Days on Market”

33% Reduction in “List Price / Sale Price” Ratio (10% to 7%)

8% Reduction in Average Sales Price

This last statistic is an important indicator that while prices dropped on the average from the previous years sales, the amount was not severe and coupled with all of the other indicators showing positive trends… to me verifies that values will continue to rise and our return to a stable market is well underway. Feel free to email or call to discuss these trends ro to schedule an appointment to look at available properties in our beautiful beach community.

 

 

 

Posted on April 30, 2012 at 10:08 am
Mike Coverdale | Category: Beach Notes, Real Estate, WestportMike

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