Key Biscayne Condominium Market November 2013

November Sales

November was a strong sales month for Key Biscayne condominiums.  There were a total of 15 sales ranging from $250,000 to $3,000,000.  The highest sale of the month was at the Grand Bay.  Unit 903 of Grand Bay Tower I sold for $862 a square foot.  The lowest sale of the month occurred at the Galen Drive Condo.  Unit 201 sold for $250,000.

OTII_504_rentalview

View from my current listing at the Ocean Club

The average Sale to List Ratio for the month was 96%.  The sale to list ratio is calculated as the final sale price (what a buyer pays for the home) divided by the last list price expressed as a percentage. This means that in the month of November the average sales prices was just 4% less than the listed, or asking price of sellers.  This ratio indicates a good seller’s market.  If you have been considering selling your property on the key, now is a good time to list.

Since the beginning of the year the average sale to list ratio for condominium sales in Key Biscayne has not been less than 94%.

Whats On The Market Right Now

As of December 3, there are 111 active condominium listings on Key Biscayne.  These range in price from $265,000 to $7,499,000.  The average listing price per square foot is $723.  In the chart below is the average listing price per square foot calculated per size of apartment.

KB avg Listing psft Dec 2013When considering buying it is always useful to know the average price per square foot of the market and the average price per square foot of a particular building.

If you are interested in learning more about the Key Biscayne market, or would like more information on a particular listing, please contact me.  I would love the opportunity to assist you in your next island real estate transaction!  Please contact me at [email protected] or [email protected]

Stay tuned for next month’s 2013 Annual Report for the Key Biscayne Market!

 

About The Author

Adrian Foley

Realtor at EWM Realty, affiliate of Berkshire Hathaway and exclusive affiliate of Christie's International Real Estate. Attorney at Law.

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