Across the nation, the spring tends to be the beginning of the peak season for the real estate market. As many states begin to thaw from the winter’s freezing temperatures, buyers are prepared to venture out of their homes to check out the inventory of homes for sale. As a result, real estate activity tends to pick up in early spring. Obviously, Florida residents don’t have to wait for snow to melt or worry about braving the bitter cold, but even down here in sunny South Florida there seems to be a surge in real estate transactions toward the end of the first quarter.
In case you aren’t convinced, let’s take a look at our South Beach condo data over the last few months. According to our market research, there were 2,094 active listings at the end of December 2013 (see January 2014 report). Of those listings, 30.32% sold. Then, the number of active listings jumped at the beginning of the year to 2,228, increased slightly the following month to 2,255, but recently dropped to 2,183. Even though we saw the supply of South Beach condos for sale increase and then dip, the percent of those active listings that sold actually dipped and then increased.
More specifically, as the South Beach condo inventory increased in January and February, the percent of active listings that sold decreased from 27.96% to 25.99%. However, once the supply dropped in March, the percent that sold surged to 32.2%. There’s that spring peak we were talking about, and it occurred even though supply had diminished. For anyone considering selling, this recent increase in the percent sold seems to indicate that it just may be the right time to list your Miami Beach condo. Please contact us to find out more about the value of your condo and decide whether you would like for us to list your Miami property for sale!