Brickell Condo Value for Zip Code 33129 Market Trends

Tuesday, February 16, 2010 | Miami Home Value | Posted by Miami real estate agent

Here we will analyze where the market is heading in the area of Brickell for the last 90 days. Which will cover December 2009, January and February 2010. Brickell Area in Downtown Miami are covered by zip codes 33131, 33130 and 33129.

The “older” section of brickell covered by zip code 33129, it runs from the Key Bicayne Toll entrance to  SW  13 Street

As we can see and analyzing this data and charts, as of the 2nd week of February 2010 the median price for condo/townhouse was around $349,000 in this area of the city of Miami. Due to the absence of new construction building in this area other than the Lofts at Brickell and Skyline on Brickell the rest of Condominium buildings were not built during the real estate boom of recent years. Even though we have seen a reduction of prices according to the chart its not significant compared to other nearby markets.

The Average days on the market of  condo units its almost 1 year an average of about 241 days. This is mostly due to the financing restrictions in the condo market. Half of the property listings have come newly to the market in the past 168 days.

As you can see inventory in the area has been falling in recent months however this factor does means that the market is stronger, its an indication to consider. We would need to continue monitoring this trend whether buyers interest is changing with available supply or not. However days on the market contradicts the theory of fast recovery. see chart above.

Price per square feet remains steady at  around $300.00 per square foot. Median size for a condo in this area is a 2 beds 2 baths with approximately 1,665 square feet. The percentage of properties with price decrease was 29% and percentage of re-listed properties was 8%.

Supply and Demand:

There is still a buyer’s market in this area with several months of inventory available at current sales pace so there are still great bargains for buyers  who should expect to find plenty of inventory and price reductions.

Pricing Segments Activity

Analyzing price segments we can see that the lowered priced properties sold at around $175,000 with an average square feet of 881 however it took about the same days on the market to sell around 225 days compared to the upper tier properties above $400,000, its curious to see that properties that sold faster were in the $285,000 pricing range for an average of 1,060 square feet and less than 200 days on the market.

Data provided by Altos Research

Tags: brickell condo values, home values, market trends, miami, statistics