Continuum South Beach Condos for Sale | 2020 Is a Great Year to Buy at Continuum Miami
- July 23rd, 2020
Continuum South Beach is Experiencing a buyers market
If you were ever considering to invest in a Continuum Miami Beach unit for sale then now is the time. In the below blog we show you the latest condo data in which it becomes clear we are seeing an increasing buyers market and those who are ready to pull the trigger will be able to enjoy great discounts. 2020 Is a Great Year to Buy at Continuum in South Beach!
Two Bedroom Units at Continuum South Beach
Pictures 1 till 6 are showing: 1) Historic average sales prices per SF for 2 bedroom units. 2) Historic sales numbers for 2 bedroom units. 3) The average sales and listing price per SF for 2 bedroom units in 2020. 4) The average days on the market for active 2 bedrooms. 5) The average discount on the sales price in 2020. 6) The months of inventory and the current amount of 2 bedroom units on the market.
In 2020 so far (data taken till July 22nd) 6 Continuum units were sold. These units varied in price between $1.7M and $3.25M. The average sales price per SF is currently at $1,410 and this is quite a price drop compared to the previous 6 years (Varying between $1,575 and $1,983 per SF).
2-Bedroom units that are currently on the market in the north tower are there for 160 days while the south tower units have been sitting on average on the market for almost 300 days. It is therefore not surprising that owners are accepting sales prices that are below their asking price. In the north tower sellers are currently accepting offers at an average of 13% below their asking price while the south tower owners are accepting a 9% discount.
The inventory in the south tower shows 12 month of inventory which is a soft buyers market. While the north tower shows a staggering 80 months of inventory (1 sales in the last 6 months and 13 current actives on the market). This is a great market to get deals as prices are likely to decrease even further.
Three and Four Bedroom Units at Continuum South Beach
Pictures 1 till 6 are showing: 1) Historic average sales prices per SF for 3 and 4 bedroom units. 2) Historic sales numbers for 3 and 4 bedroom units. 3) The average listing price per SF for 3/4 bedroom units in 2020. 4) The average days on the market for active 3 and 4 bedrooms. 5) The average discount on the sales price in 2020. 6) The months of inventory and the current amount of 3 and 4 bedroom units on the market.
In 2020 only one 3 bedroom unit sold in March in the north tower. This unit sold for $1,933 per SF which was 8% below its asking price. This is a very low number of sales compared to previous years. Also the average sales price per SF is the lowest since 2014, which is the same trend we saw for the 2 bedroom units.
There are currently 22 units on the market with 3 or 4 bedrooms that have been listed on average for just over 300 days. Their average asking price is between $7.2M in the South tower ($2,425 per SF) and $8.8M in the North tower ($3,127 per SF)
In the north tower we see 9 actives while only 1 unit sold in the last 6 months. That translates into 54 months of inventory. In the South Tower there are 13 active listings and we didn’t see any sales in the last 6 months. In the last 12 months however there were 3 sales. That translates in 52 months of inventory.