market update- homes- miami beach, florida week of september 5th 2011

8/4/2019 Market Update- Homes- MIAMI BEACH, Florida week of September 5th 2011

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MARKET UPDATEEkaterina Bazyka's

Current Real Estate Market Conditions for Single Family Homes

Trends in Pricing Current Levels of Supply and Demand

Value Metrics

Report for the week ofSeptember 05, 2011

Presented by Ekaterina BazykaLuxury Home Specialisthttp://www.luxmiamirealestate.com - [email protected]

MIAMI BEACH,

Powered by Altos Research LLC | www.altosresearch.com | Copyright 2005-2010 Altos Research LLC


2/26

Median List Price

Median Lot Size

14.9

Percent Relisted (reset DOM)

3232

4.0

6 %

Median Number of Bathrooms

271

Inventory of Properties Listed

$ 469

Percent Flip (price increased)

8,001 - 10,000 sqft

Median House Size (sq ft)

$ 1,425,000

19 %

4.0

Market Action Index

Median Number of Bedrooms

Asking Price Per Square Foot

5 %

Percent of Properties with Price Decrease

Strong Buyer's

+

==

==

==

+

Altos Research Value Statistics

Most Expensive Listing

Average Days on Market (DoM)

ottom/Fourth

Lower/Third

Upper/Second

Top/First

This Week Real-Time Market Profile Trend

The Market Action Index answers the question "How's the Market?" by measuringthe current rate of sale versus the amount of the inventory. Index above 30implies a seller's advantage. Below 30, conditions give the advantage to thebuyer.

Supply and Demand

Characteristics per Quartile

56 27192

2584.0 65

3.0

4

292

4.0 99

219

4

3

0.50 - 1.0acre

62

$ 995,000

4

2

99

7.0

8,001 -10,000 sqft

25.0

19616,501 -

8,000 sqft

99

$ 519,000

5.0

315

0.25 - 0.50acre$ 2,000,000

6.0$ 7,495,000

61

6

3909

Days-on-market has been trending uprecently but the Market Action Indexand inventory levels are basically flatand not providing strong indicationsfor the market.

Monday September 5, 2011

Ekaterina Bazyka | Luxury Home Specialist | 954.224.0311

98

2704

2.0

The median list price in MIAMI BEACH,FL this week is $1,425,000. The 395

properties have been on the marketfor an average of 271 days.

Most expensive 25% of properties

Upper-middle 25% of properties

Lower-middle 25% of properties

Least expensive 25% of properties

Quartile Median Price Lot Size Beds Baths Age Inventory New Absorbed DOMSq. Ft.

No change

Strong upward trend Strong downward trend

Slight upward trend Slight downward trend+

==

=

MIAMI BEACH

City Overview

Least Expensive Listing

Average List Price

Average Age of Listing

395

$ 34,500,000

$ 130,000

$ 3,155,130

57

Trend Key:

Home sales have been exceedingnew inventory for several weeks.While still a Buyer's market, pricesseem to have responded by movingupward. If the demand trendscontinue, expect prices to keepmarching upward, especially oncewe see a Seller's Market.

Page 2 of 26

Single Family Home


3/26


City OverviewMIAMI BEACH


Median PricePrices continue their climb again this week. We're a long way from the market's price high-point so watch the Market ActionIndex as an indicator of how long this trend will last.

90-day Average7-day Average

Quartile PricesNot surprisingly, given the condition of the overall market, all quartiles have shown price strength in recent weeks. All havebeen increasing in price lately.

First/Top Second/Upper Third/Lower Fourth/Bottom

Page 3 of 26

Single Family Hom


4/26




Price per Square FootThe market appears to be placing an increasing premium on homes. When list prices and price per square foot consistentlyincrease in tandem, as they're doing now, you can often find short-term investment opportunities. Watch the Market ActionIndex for persistent changes as a leading indicator for these trends to flatten or drop.


Inventory of Properties Listed for SaleInventory has been relatively steady around these levels in recent weeks.


Page 4 of 26

Single Family Hom


5/26




Market Action IndexThe MIAMI BEACH market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Indexstands at 14.86. With several months of inventory available at the current sales rate, buyers should find ample choice.

Buyers/Sellers Cutoff90-day Average

Market Action Index per QuartileNot surprisingly given the overall Market Action Index, all quartiles are in the Buyer's Market zone with several months ofinventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall marketshifts. Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole group

changes.


Buyers/Sellers Cutoff

Residential house prices are a function of supply and demand, and market conditions can be characterizedby analyzing those factors. Watch this index for sustained changes: if the index falls into the BuyersAdvantage zone (below 30) for a long period, prices are likely in for a downward correction.

The Market Action Index (MAI) illustrates a balance between supply and demand using a statistical functionof the current rate of sale versus current inventory.

Page 5 of 26

Single Family Hom


6/26




Days on MarketThe properties have been on the market for an average of 271 days. Half of the listings have come newly on the market in thepast 210 or so days.


Days on Market per QuartileIt is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.


Page 6 of 26

Single Family Hom


7/26

Median List Price

Median Lot Size

9.8


3482

4.0

15 %


268


$ 687


0.25 - 0.50 acre


$ 2,790,000

16 %

4.0

Market Action Index



10 %


Strong Buyer's

+

+

==

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


44 17361

2573.0 70

3.0

0

337

4.0 20

186

0

0

0.25 - 0.50acre

64

$ 1,699,995

1

0

21

7.0

8,001 -10,000 sqft

05.0

20386,501 -

8,000 sqft

20

$ 795,000

5.0

294

8,001 -10,000 sqft$ 3,525,000

6.0$ 7,672,500

62

0

4460

Inventory has been lightening latelyand the Market Action Index has beentrending up. Though days-on-marketis increasing, these are mildly positiveindications for the market.



20

3004

3.0

The median list price in MIAMI BEACH,FL 33139 this week is $2,790,000. The

81 properties have been on themarket for an average of 268 days.






No change



==

=

MIAMI BEACH33

Neighborhood Detail


Average List Price


81

$ 29,500,000

$ 130,000

$ 3,879,037

53

Trend Key:


Page 7 of 26

Single Family Home


8/26


Neighborhood DetailMIAMI BEACH

33


Median PriceRecently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in theMarket Action Index before we see prices significantly move from these levels.


Quartile PricesIn the quartile market segments, we see prices in this zip code without strong directional indication lately. Quartiles 2 and 4 aremixed, while Quartile 3 is up and Quartile 1 is down. Look to persistent shifts in the Market Action Index as a leading indicatorfor strong moves (up or down) in the market as a whole.


Page 8 of 26

Single Family Hom


9/26



33


Price per Square FootThe market plateau is seen across the price and value. The price per square foot and median list price have both beenreasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves fromthese levels.


Inventory of Properties Listed for SaleInventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look tothe Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.


Page 9 of 26

Single Family Hom


10/26



33


Market Action IndexThe MIAMI BEACH, 33139 market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market ActionIndex stands at 9.77. With several months of inventory available at the current sales rate, buyers should find ample choice.


Market Action Index per QuartileNot surprisingly, all quartiles are in the Buyer's Market zone with several months of inventory given the current levels ofdemand. Watch the quartiles for changes before the overall market shifts.





age 10 of 26

Single Family Hom


11/26



33






Page 11 of 26

Single Family Hom


12/26

Median List Price

Median Lot Size

14.4


3498

4.0

5 %


262


$ 416


8,001 - 10,000 sqft


$ 1,350,000

18 %

4.0

Market Action Index



5 %


Strong Buyer's

==

==

==

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


62 17996

2644.0 74

3.0

1

236

4.0 38

242

4

2

0.50 - 1.0acre

70

$ 999,748

1

1

39

9.0

6,501 -8,000 sqft

05.0

23676,501 -

8,000 sqft

38

$ 639,000

5.0

305

0.25 - 0.50acre$ 1,772,500

7.0$ 8,550,000

72

1

4114

The Market Action Index has beentrending down lately, while inventoryand days-on-market are climbing. Thetrends imply a weakening market.



38

2792

3.0








No change



==

=

MIAMI BEACH33

Neighborhood Detail


Average List Price


153

$ 34,500,000

$ 299,000

$ 3,301,434

64

Trend Key:

Home sales have been exceedingnew inventory for several weeks.Since this is a Buyer's market pricesare not yet moving higher as excessinventory is consumed. However, asthe supply and demand trendscontinue, the market moves into theSeller's zone, and we are likely tosee upward pressure on pricing.

age 12 of 26

Single Family Home


13/26



33


Median PriceThe market for this zip code continues its bounce again this week. We're a long way from the market's high point so watch theMarket Action Index to predict how long this trend will last.


Quartile PricesIn most of the quartile market segments, we see prices in this zip code have stabilized recently. Only Quartile 4 shows any priceincreases in the last few weeks. Often this condition happens in markets where demand has fallen (for example, due to micro-location variables) but supply is still relatively short. Buyers are focusing on the lowest price homes in the area.


age 13 of 26

Single Family Hom


14/26



33




Inventory of Properties Listed for SaleInventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the MarketAction Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.


age 14 of 26

Single Family Hom


15/26



33









age 15 of 26

Single Family Hom


16/26



33






age 16 of 26

Single Family Hom


17/26

Median List Price

Median Lot Size

18.8


2624

3.0

5 %


306


$ 311


4,501 - 6,500 sqft


$ 699,900

25 %

4.0

Market Action Index



5 %


Strong Buyer's

==

==

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


52 15392

2902.5 62

3.0

0

270

3.5 16

271

0

1

0.25 - 0.50acre

62

$ 615,000

1

1

17

6.5

4,501 -6,500 sqft

14.0

17144,501 -

6,500 sqft

16

$ 399,000

4.0

393

8,001 -10,000 sqft$ 1,049,500

5.0$ 4,075,000

59

2

3004

Inventory has been decreasing latelybut the Market Action Index is fallingalso. With days-on-market climbing,these are relatively negativeimplications for the market.



16

2124

2.0

The median list price in MIAMI BEACH,FL 33154 this week is $699,900. The







No change



==

=

MIAMI BEACH33

Neighborhood Detail


Average List Price


65

$ 32,500,000

$ 259,000

$ 2,356,828

54

Trend Key:

Inventory levels have been relativelyconsistent relative to sales. Despitethe fact that there is a relativelyhigh amount of available inventory,this Buyer's market is still seeingprices move higher. Given inventorylevels, these price conditions arerelatively fragile. If the marketcools off further, the price trend islikely to reverse.

age 17 of 26

Single Family Home


18/26



33


Median PriceDespite this week's down tic, price trends in this zip code have generally been moving up lately. We are below the market's highpoint, and we'll investigate the Market Action Index later on to see if we expect this week's blip to become a downward trend.


Quartile PricesIn the quartile market segments, we see the market in this zip code unable to establish a strong directional trend in recentweeks. Only Quartile 2 is trending higher while Quartiles 1 and 3 are flat. Look to the Market Action Index for persistent changes(up or down) as a leading indicator for the significant price changes.


age 18 of 26

Single Family Hom


19/26



33




Inventory of Properties Listed for SaleInventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look tothe Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.


age 19 of 26

Single Family Hom


20/26



33









age 20 of 26

Single Family Hom


21/26



33






age 21 of 26

Single Family Hom


22/26

Median List Price

Median Lot Size

13.5


3100

4.0

2 %


257


$ 504


8,001 - 10,000 sqft


$ 1,587,000

17 %

4.0

Market Action Index



3 %


Strong Buyer's

==

==

+




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


58 06882

2453.0 59

3.0

2

274

3.5 24

189

0

0

0.25 - 0.50acre

61

$ 1,272,500

2

0

24

7.0

8,001 -10,000 sqft

15.0

18546,501 -

8,000 sqft

23

$ 397,450

5.0

322

0.25 - 0.50acre$ 2,199,000

6.0$ 6,990,000

57

2

3980

The Market Action Index has beentrending down lately, while inventoryis climbing. These trends imply aweakening market.



23

2514

2.0








No change



==

=

MIAMI BEACH33

Neighborhood Detail


Average List Price


94

$ 14,900,000

$ 189,000

$ 2,809,216

51

Trend Key:


age 22 of 26

Single Family Home


23/26



33


Median PricePrices in this zip code have been on a downward trend recently and this week, while essentially flat, doesn't break us out ofthat cycle.


Quartile PricesIn the quartile market segments, we see prices in most of this zip code trending higher in recent weeks but the high-end of themarket (Quartile 1) is essentially flat. Look to the Market Action Index Quartile breakdown to see a leading indicator for eachquartile.


age 23 of 26

Single Family Hom


24/26



33


Price per Square FootWe're seeing fairly unusual market conditions as prices have been in a downward trend but price per square foot is actuallyincreasing. (Buyers are paying less and getting less home for their money.) Anomalies like these can be attributed to micro-location variables.


Inventory of Properties Listed for SaleInventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the MarketAction Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.


age 24 of 26

Single Family Hom


25/26



33









age 25 of 26

Single Family Hom


26/26



33





Single Family Hom

market update- homes- miami beach, florida week of september 5th 2011

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