One of the things that attracted me to EWM is the firm’s extensive research capabilities as consumer and market insights really drive every businesses. In real estate, data is essential to ensuring sellers price their homes reasonably and to ensuring that buyers get a great deal.
In the recent publication, 2017 Real Estate Market Outlook, the team at EWM provides perspective on what’s happening at several price points across the South Florida market. This week, I will focus on the $300,000 category within Miami-Dade. This category encompasses 48% of all single family home transactions in Miami and a remarkable 72% of all condo sales. In 2016, an average of 506 single family homes and 744 condos sold each month. As the most affordable category in study, it is no surprise that demand is high and that prices are on the rise. The median price of a single family home rose nearly 13% between 4th quarter 2015 to 4th quarter 2016. Supply is down to 2.2 months, making this a clear sellers market. Comparatively, while prices are up 10% year over year in the condo category, supply is up nearly 40%. With 6.6 months of condos priced under $300,000 available at the beginning of 2017, this market is transitioning to a buyer’s market.
I love data as much as the next gal, but what’s really for sale at or under $300,000? Let’s consider my three most recent zip codes.
Not much for sale in my Coral Gables zip code 33146 at or under $300,000. Across Dixie Highway, in the North Gables zip code, 33134, there are 30 units available. Located at 10 Aragon, in the middle of downtown Coral Gables, a buyer can squeeze themselves into an 800-square foot condo with one bedroom and bath. The building has loads of amenities and is walking distance to restaurants and shopping.
In the early 2000s, my husband and I lived at 440 Wabash in Chicago. Close to dining and a new mall anchored by Nordstrom, the location was perfect for commuting to our downtown offices. The building went condo after we moved out and there is a one bedroom, Unit #1504, for sale for $300,000. Well under 1,000 square feet and pretty basic, this one will need some design help to make it sparkle.
A much more stylish, move in ready condo is pending at the Briary in Atlanta. I cannot deny it: I LOVE the Briary. When I lived in Atlanta back in the 90s, I bought my first condo a block down the street at Peachtree Commons. Several units have sold at the Briary in the last year under $300,000. Right now, 2260 Peachtree, Apt. D6 is a pending sale. The unit is listed at $325,000. Perhaps it closes under $300,000. Some lucky buyer is going to call this unit home–the building really is the epitome of Atlanta charm. For me, the dream of a condo at the Briary goes on!
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