Market Trends: Brickell Financial District

Market Trends

Check out Melanie's Market Trends Report for the Brickell Financial District (33130 & 33131) Resale Condominiums for May 2016:

As of the end of May, there were 2,006 residential condominiums listed as available on the Multiple Listing Service (MLS). New listings coming on to the market have remained steady over the last two years, but closed sales are “at their lowest level compared to May of 2015 and 2014” and running 26.7% behind last year’s year-to-date sales. This is, of course, causing total inventory to rise – 13.1% over May 2015. May 2016 “Months Supply of Inventory” (MSI) is at an alarming 32.4 months, while “price per square foot” has dipped slightly 8.5% from May of last year. There is no question that the Brickell Financial District residential condominium market is in transition to a “buyer’s market”, but don’t expect a rapid reduction in sales prices any time soon. The May 2016 “Days on Market” (DOM) numbers are relatively steady at 4.5 months which means that properly priced condominiums are still selling. And to keep it all in perspective during this adjustment, “price per square foot” has gone up 73.5% compared to 2008/2009.

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