Brickell Condo Report for 1st Quarter 2018

Brickell Condo Report for 1st Quarter 2018

Real estate market data for BRICKELL - Greater Miami Condominium Sales. The Miami River to Interstate 95 to the Rickenbacker Causeway presented by Philippe Diener - Source BHS Quarterly Reports

Brickell Condo Prices

For the first quarter of 2018, Brickell’s condominium market presented minimal price movement with mixed price trends, exhibiting a marginal decrease of 2.3% in average sales price at $472,705 and an increase of 3.5% in median sales price at $370,000 compared to last year’s quarter (Q1 2017). There were 189 sales, up 6.2% from the year-ago quarter (Q1 2017) with a modest 0.1% increase in new listings (new properties offered for sale in the market). The absorption rate (the number of months at which homes sell at the current sale rate) dropped .9 months due to a higher increase in sales than new listings.

If you are considering buying a condo you can still find deals on a residence within the Brickell area but having a good real estate agent who understands the market is a must.  Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price. To make sure you don't overpay for your condo, you'll want to have an agent that does a thorough market analysis of the Brickell condo on which you are making an offer.

If you are interested in how much current inventory is on the various Brickell condo buildings you can find that information by clicking on the link. High inventory will suggest that condos are sitting on the market for longer. Currently in this area of Miami, condos have a median time of 172 days on the market before they sell. This would suggest that buyers are in a great position to make an offer on a condo. Sellers should make sure to price their condo near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Brickell has multiple offers coming in on condos similar to what we saw back in 2007. 

Brickell Real Estate Report Summary

The average sale price in the 1st Quarter 2018 for condos in Brickell was $472,705. The average sale price decreased by 2.3% from the 1st Quarter 2017.
The average price per square foot for the 1st Quarter 2018 for sold listings in this area was $391.
The Brickell area saw 189 closings in the 1st Quarter 2018
The absorption period (months) for the Brickell area during the 1st Quarter 2018 was 14.4

Find Condos for Sale in the Brickell Miami area

Visit my website to search for condos in Brickell or to be notified when Brickell Condos come on the market.

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