With October being the month after hurricane Irma struck Florida, the Miami Beach Market Trends are starting to return to pre-hurricane activity. With so much damage and chaos coming from the storm, it was uncertain how the market would react post-hurricane. However, for the most part everything seems to be back to normal, which is an overall good thing for Miami Beach.
Miami Beach Single Family Homes
The single family home market saw a slight drop in sales year over year from last October, however the average selling price per square foot did rise significantly. Remember, this can easily be due to the type of home being sold, its price point, location etc. These type of differences in the numbers are not typical, but definitely worth mentioning. In October 2016 17 Miami Beach houses sold for an average of $774 per square foot. This year, 14 houses sold with an average of $1077 per square foot. This is good news for the single family market as throughout 2017, the average sale prices have been declining.
Miami Beach Condos
The Miami Beach Condo market has also recovered nicely after the hurricane. In October 2016 125 condos sold at $534 per square foot. Following the year long trend, October 2017 saw quite a bit fewer sales but with higher square foot averages. Only 101 condos sold but at a slightly higher average at $541 a square foot.
In summary, the Miami Beach market has largely recovered after the storm and seems to be in line with all previous months of 2017, excluding September. I expect this same trend to continue throughout the year, and possibly into 2018. I am always like to hear from anyone who is curious to know more about what is happening in the local market. Please feel free to reach out if you would like to discuss buying, renting or selling in Miami Beach!