A new report out from ISG highlights just how high demand has been for properties throughout Miami – and just how low inventory has fallen, as a result.
It’s no mystery that demand for housing throughout Miami has been high, if not stratospheric, in recent months, with agents having barely enough time to catch their breath, let alone keep up with sellers clamoring for residences.
A new report from ISG, though, on condo inventory in the Miami-Dade area highlights just how spectacular that demand has been, with inventory levels in Daytona Beach, Downtown Miami, Miami Beaches and Greater Fort Lauderdale plunging to breathtaking levels.
First, here’s what ISG reported for inventory levels in those areas:
- In Daytona Beach, there have been 2,938 condo units built since 2004; as of April 2012, 449 remain.
- In Downtown Miami and Brickell, of the 17,502 units built since 2005, 2,018 remained in April.
- In Miami Beaches, just 457 of the 10,001 units built since 2005 remained in April.
- Most jaw-dropping of all, in Greater Fort Lauderdale, of the 5,135 units built since 2005, just 96 were still on the market in April 2012.
And, as anyone who follows our site knows, demand has not slowed down one iota since April, so those inventory levels are probably even lower.
Pre-construction sales for condos have been in similar demand. In Miami Beaches, for instance, 45 percent of pre-construction units have already sold, including 90 percent of the Apogee Beach units. Nowhere, though, is pre-construction demand greater than in Downtown Miami and Brickell, where of the 1,044 pre-construction units, 87 percent have already sold, including:
- Ninety percent of the units in MyBrickell.
- Ninety percent of the Millecento units.
- Eighty percent of units in Brickell House.
- And 100 percent of the units in 23 Biscayne.
Even average days on the market has shown incredible progress. In Greater For Lauderdale, the 112 days average in 2011 has dropped to 63 in 2012; in Miami Beaches, the 174 days in 2011 is down to 49 in 2012; and in Downtown Miami/Brickell, the 147-day average is down to just 37 days.
So all throughout the Miami area, sales activity has not just been good – as Ralph De Martino, the broker for Miami Coastal Condos in Miami Beach and a member of the Master Brokers Forum, put it, its been even better than 2005.