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Miami condo sales in late November
The condo market experienced a noticeable shift, with a decrease in sales volume but an increase in average sale prices and price per square foot. Let's dive into the details.
A Closer Look at the Numbers
From November 19th to November 25th, brokers closed 70 condo sales totaling $61 million. This is a significant drop from the 131 condo sales totaling $105 million in the previous week. However, the average sale price saw an uptick, rising to $873,000 from $805,000. Similarly, the average price per square foot increased from $518 to $581, according to data from condo.com. These condos spent an average of 74 days on the market.
Spotlight on Top Sales
The top 10 sales for the week ranged from $1.9 million to a whopping $6.2 million, with only one sale exceeding the $5 million mark. The highest sale was at One Park Grove unit 8D in Coconut Grove, closing at $6.2 million. This unit, represented by Raul Santidrian of Douglas Elliman and Judith Hansen of Compass Florida, sold after 325 days on the market at $2,125 per square foot.
In contrast, the least expensive in the top 10 was a unit at One Paraiso Condo, which sold for $1,875,000 after 27 days on the market. The highest price per square foot was at St. Regis Bal Harbour North Tower, where a unit sold for $4.3 million, translating to $2,552 per square foot.
Analyzing the Trends
This week's data presents an interesting dynamic in the Miami-Dade condo market. While the overall sales volume has decreased, the rise in average sale prices and price per square foot indicates a market that still holds strong value. The varied days on the market, ranging from 24 to 325 days, also highlight the diversity in the appeal and demand for different properties in the area.
Your Real Estate Guide
As a Miami real estate expert, I'm here to help you navigate these market trends. Whether you're looking to buy or sell, understanding the nuances of the market is crucial for making informed decisions. If you have any questions about the current state of the Miami-Dade condo market or need guidance on your next real estate venture, feel free to text me. Let's explore the opportunities that Miami's vibrant real estate market has to offer!