Brickell, Downtown, Edgewater Q1 2020 Real Estate ReportApril 15, 2020
Brickell has begun showing signs of government restrictions on mobility and the general adherence to the stay at home orders. The number of closed sales decreased from last quarter by 11% and the absorption period increased by 12% since last quarter. Contrarily, average sale prices per square foot rose to $403 from $396 and we recorded a 7.7% gain in average sale price. Listing discounts narrowed by 50% as inventory shrunk slightly. These figures suggest more inventory to come, a slowing of sales, and a rapidly increasing marketing time. Buyers should take advantage of less competition.
The Downtown condominium market positive price trend indicator results with a quarterly increases in average sales price, up 28%, and median sales price which increased by nearly 14%. Certain indicators remain unchanged: average sale price per square foot, absorption period, and number of new listings. Inventory grew, as did the average marketing time. Highlight sales included units 5701 and 5901 at 1000 Museum, by Zaha Hadid, which sold for $13,800,000 and $19,800,000 respectively; David Beckham picked up unit 5901.
Edgewater’s condominium market showed slight decreases across the board with most price trend indicators remaining flat this quarter. While the median sales price remained flat, the average sales price for the neighborhood slowed 16% since last quarter, the number of new listings grew, and the average listing discount remained flat. The absorption rate showed no change but the marketing time decreased minimally from last quarter’s figures. While buildings such as Élysée, Missoni Baia are exciting, completed projects such as Aria on the Bay and Paraiso are attracting most buyers for their spacious floor plans and competitive prices.