Ekaterina Bazyka Market Update [Condo] MIAMI BEACH Week of September 5th 2011

8/4/2019 Ekaterina Bazyka Market Update [Condo] MIAMI BEACH Week of September 5th 2011

1/31

MARKET UPDATEEkaterina Bazyka's

Current Real Estate Market Conditions for Condos & Townhomes

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


2/31

Median List Price

19.5

Percent Relisted (reset DOM)

1020

2.0

6 %

Median Number of Bathrooms

257

Inventory of Properties Listed

$ 378

Percent Flip (price increased)

Median House Size (sq ft)

$ 355,000

16 %

2.0

Market Action Index

Median Number of Bedrooms

Asking Price Per Square Foot

6 %

Percent of Properties with Price Decrease

Strong Buyer's

+

==

==

==

+

Altos Research Value Statistics

Most Expensive Listing

Average Days on Market (DoM)

Bottom/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

9 171942

2342.0 44

1.0

30

269

1.0 647

219

15

35

47

$ 265,000

42

22

647

3.0

252.0

660

647

$ 135,000

2.0

306

$ 489,000

2.0$ 1,400,000

20

52

1132

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

646

897

1.0

The median list price in MIAMI BEACH,FL this week is $355,000. The 2587

properties have been on the marketfor an average of 257 days.

Most expensive 25% of properties

Upper-middle 25% of properties

Lower-middle 25% of properties

Least expensive 25% of properties

Quartile Median Price 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

2587

$ 30,000,000

$ 15,000

$ 767,888

32

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.

Page 2 of 31

Condos & Townhome


3/31


City OverviewMIAMI BEACH


Median PriceThis week saw relatively little price change from last week. However, prices continue demonstrate a nice up trend in generalover the last several weeks.

90-day Average7-day Average

Quartile PricesPrices have been mixed-to-negative trends in recent weeks. Quartile 4 is down, while the rest of the market is basically flat.Look to the Market Action Index to determine if this plateau is the stage for a prolonged price decline.

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

Page 3 of 31

Condos & Townhom


4/31




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 31

Condos & Townhom


5/31




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 19.53. 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 31

Condos & Townhom


6/31




Days on MarketThe properties have been on the market for an average of 257 days. Half of the listings have come newly on the market in thepast 175 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 31

Condos & Townhom


7/31

Median List Price

18.9


850

2.0

7 %


251


$ 440



$ 355,000

15 %

1.0

Market Action Index



6 %


Strong Buyer's

+

+

==

+




Bottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


8 121700

2331.0 46

1.0

11

245

1.0 277

224

6

8

50

$ 265,000

19

8

277

3.0

72.0

575

277

$ 154,900

2.0

301

$ 499,000

2.0$ 1,454,500

14

17

1077




276

726

1.0

The median list price in MIAMI BEACH,FL 33139 this week is $355,000. The

1107 properties have been on themarket for an average of 251 days.






No change



==

=

MIAMI BEACH33

Neighborhood Detail


Average List Price


1107

$ 19,000,000

$ 19,900

$ 769,240

35

Trend Key:

The market has settled in at arelative stasis in inventory and salesconditions. It's a Buyer's market thathas seen prices trend lower. Expectthat consistent up trends in demandwill be required before price trendschange significantly.

Page 7 of 31

Condos & Townhome


8/31


Neighborhood DetailMIAMI BEACH

33


Median PriceAgain this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus theirabsolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leadingindicator for a trough in prices.


Quartile PricesIn the quartile market segments, we see price for this zip code in general with price stagnation in recent weeks. Quartile 4 isdown, while the rest of the market is basically flat. Look to the Market Action Index to determine if this plateau is the stage fora prolonged price decline.


Page 8 of 31

Condos & Townhom


9/31



33


Price per Square FootDespite recently falling prices, the price per square foot has stayed reasonably flat. This implies that there's a portion of themarket being priced at a premium. You can investigate this condition in the quartile details.




Page 9 of 31

Condos & Townhom


10/31



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 18.88. 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 31

Condos & Townhom


11/31



33






Page 11 of 31

Condos & Townhom


12/31

Median List Price

16.9


1040

2.0

5 %


255


$ 342



$ 359,500

18 %

2.0

Market Action Index



4 %


Strong Buyer's

+

+

+

==

+




Bottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


6 21626

2502.0 44

1.0

6

259

2.0 138

227

4

10

45

$ 290,000

6

7

138

3.0

62.0

558

138

$ 135,000

2.0

283

$ 449,500

2.0$ 950,000

41

7

1120




138

1011

1.0








No change



==

=

MIAMI BEACH33

Neighborhood Detail


Average List Price


552

$ 11,750,000

$ 25,000

$ 572,708

33

Trend Key:

The market has shown someevidence of slowing recently. Bothprices and inventory levels arerelatively unchanged in recentweeks. Watch the Market ActionIndex for changes as it can be aleading indicator for price changes.

age 12 of 31

Condos & Townhome


13/31



33


Median PriceWe continue to see prices in this zip code hovering around these current levels, even though they bumped up a bit this week.Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.


Quartile PricesIn the quartile market segments, we see the lower half of this zip code is showing slight pricing weakness, while the upper halfof the market is slightly positive. Quartile 1 has been trending up recently, but unless we see a persistent up-shift in the MarketAction Index, it will likely resume the trend of the rest of the market.


age 13 of 31

Condos & Townhom


14/31



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.




age 14 of 31

Condos & Townhom


15/31



33









age 15 of 31

Condos & Townhom


16/31



33






age 16 of 31

Condos & Townhom


17/31

Median List Price

17.1


1285

2.0

5 %


266


$ 362



$ 429,900

18 %

2.0

Market Action Index



6 %


Strong Buyer's

+

==

==

+




Bottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


10 22430

2752.0 44

1.0

3

296

2.0 90

218

0

5

45

$ 313,000

5

5

90

3.0

52.0

939

90

$ 151,000

2.0

276

$ 595,000

3.0$ 1,750,000

32

3

1306

With inventory and days-on-marketbasically unchanged and the MarketAction Index decreasing, the marketis not sending strong directionalsignal for the near-term outlook.



89

994

2.0








No change



==

=

MIAMI BEACH33

Neighborhood Detail


Average List Price


359

$ 10,500,000

$ 16,887

$ 851,685

30

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.

age 17 of 31

Condos & Townhome


18/31



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 prices in this zip code generally settled at a plateau, although Quartile 3 is on a bit ofan up trend in recent weeks. We'll need to see a persistent shift in the Market Action Index before we see prices across theboard move from these levels.


age 18 of 31

Condos & Townhom


19/31



33






age 19 of 31

Condos & Townhom


20/31



33









age 20 of 31

Condos & Townhom


21/31



33






age 21 of 31

Condos & Townhom


22/31

Median List Price

25.2


1030

2.0

7 %


225


$ 217



$ 216,300

14 %

2.0

Market Action Index



7 %


Buyer's Advantage

==

==

+

==




Bottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


6 41436

1992.0 43

1.0

5

237

2.0 115

208

9

6

53

$ 159,900

8

6

116

2.0

112.0

667

115

$ 85,000

2.0

255

$ 315,000

2.0$ 649,000

7

24

1279

Inventory has been lightening latelyand the Market Action Index has beentrending up. These are mildly positiveindications for the market.



115

971

1.0








No change



==

=

MIAMI BEACH33

Neighborhood Detail


Average List Price


461

$ 7,700,000

$ 15,000

$ 383,699

31

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.

age 22 of 31

Condos & Townhome


23/31



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 23 of 31

Condos & Townhom


24/31



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 24 of 31

Condos & Townhom


25/31



33


Market Action IndexThe MIAMI BEACH, 33141 market is currently in the Buyer's Advantgae zone (below 30), though not strongly so. The 90-dayMarket Action Index stands this week at 25.24 so buyers should expect to find reasonable levels of selection.


Market Action Index per QuartileThree of the four quartiles of this zip code are in the Buyer's Market zone with several months of inventory given the currentlevels of demand. Quartile 1 (the highest price group) is showing stronger demand than the others, a Seller's market, as buyersseem to be placing emphasis on the premium homes.





age 25 of 31

Condos & Townhom


26/31



33






age 26 of 31

Condos & Townhom


27/31

Median List Price

7.7


2585

3.0

6 %


433


$ 872



$ 2,100,000

8 %

3.0

Market Action Index



9 %


Strong Buyer's

+

==

+




Bottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


19 05600

4193.0 23

2.0

0

476

3.0 27

414

0

0

23

$ 1,400,000

1

0

27

5.0

04.0

797

27

$ 550,000

3.0

422

$ 2,900,000

4.0$ 6,750,000

22

0

2744

Inventory has been tightening anddays-on-market decreasing recently.The Market Action Index has beenbasically flat, not providing strongindication for market conditions.



27

2049

1.0

The median list price in MIAMI BEACH,FL 33109 - Fisher Island this week is

$2,100,000. The 108 properties havebeen on the market for an average of433 days.






No change



==

=

MIAMI BEACH33109 - Fish

Neighborhood Detail


Average List Price


108

$ 30,000,000

$ 81,500

$ 3,112,991

20

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 27 of 31

Condos & Townhome


28/31



33109 - Fish


Median PriceWe continue to see prices in this zip code bouncing around this plateau. Look for a persistent up-shift in the Market Action Indexbefore we see prices move from these levels.


Quartile PricesIn the quartile market segments, we see prices in the individual quartiles without strong directional correlation lately. Quartiles2 and 4 have been in price decline in recent weeks, with Quartiles 1 and 3 remaining basically flat. Look to the Market ActionIndex as a leading indicator of the bottom of the market.


age 28 of 31

Condos & Townhom


29/31



33109 - Fish


Price per Square FootThe value placed on homes continues to increase, despite the fact that prices in general have been basically flat recently.These conditions can arise when inventory is light and more, smaller homes have more influence on overall prices.


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 29 of 31

Condos & Townhom


30/31



33109 - Fish









age 30 of 31

Condos & Townhom


31/31



33109 - Fish





Condos & Townhom

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Ekaterina Bazyka Market Update [Condo] MIAMI BEACH Week of September 5th 2011

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