Singer Island Condo Market Statistics for October 2016
A close analysis of the sales data for Singer Island Condos for the one-year period ending in October, 2016 versus the same time period in the prior year shows that total sales are down 13%, and the median price of those sales is down 4%. Only 199 condos sold on the island in the past year versus 229 condos sold over the same 365 period two years ago. The median price of a Singer Island condo sale last year was $415,000, but two years ago it was $434,000 which means that median prices fell 4%.
Last year 27 condos closed for prices over $1,000,000 on Singer Island. Two years ago the total number of sales over $1M was 38. That means that sales over $1M dropped 29% Y-O-Y. Sales for priced greater than $750,000 also dropped from 52 units to 38 units, which equates to a 27% decline. Sales above $500,000 fell from 100 two years ago, to just 78 last year or a drop of 22%.
What Does This Mean For Condo Buyers?
With the average price lower than it has been for the last few years, it’s a great time to be on the hunt for a Singer Island condo. The Florida real estate market typically picks up in the winter months as snowbirds begin to aggressively seek out properties with a more preferred climate. If you’re thinking about investing in your own piece of Singer Island sunshine, you could be getting a better deal if you act sooner rather than later.
Get in touch with Vince Marotta today to find out more about the many condos for sale on Singer Island.