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North Bay Village First Quarterly Real Estate Report & Market Trends 2015 For condominiums, Co-Ops and Townhouses.

Posted to NORTH BAY VILLAGE

Comparative Analysis on North Bay Village's Real Estate Report of New Listing of Units for Sale, for Rent, Sold and Rented

(January 1st to march 31st, 2014 & 2015)

The City of North Bay Village is considered to be the best real estate investment as this is strategically located at Miami-Dade County in Florida which is the home to 35 incorporated cities and numerous unincorporated areas where major headquarters of large corporations such as Brightstar, BurgerKing, Ryder, Norwegian Cruise Line etc. are residing. The city is comprised of three mini islands that include Harbor Island, North Bay Island and Treasure Island. Due to its excellence in the broadcasting industry, the city became popularly known as the ‘Radio City of South Florida’.
Since the city has become the primary haven for winter residents and Latin American nationals, great changes had happened in North Bay Village’s real estate industry – particularly in the listings of real estate for sale, for rents, on units sold and rented included in this real estate report.

UNITS SOLD

The average list price for 2014 which is $227,555 has soared by 21.58% in 2015 with $290,195. The hike in the close price list is also felt when the 2014’s close price of $224,394 has increased to $277,364 by 19.09%. However, it took 122 days for units to be sold in 2015 compared to last year’s 76 days where a marginal 46 days is recorded. Yet, the year for 2015 has been really rewarding because 58 units were sold compared to the 53 units of 2014.

UNITS RENTED

The units rented this year have showed a little promising result as there was only 1.01% gain based from the recorded average list price of $1825 for 2014 and $1843.76 for 2015. When the average price rented for 2015 is compared to the previous year, a decrease by 0.5% is revealed from the average price rented of $1784 for 2014 and $1775 for 2015. It took 79 average days on the market to have 98 units to be rented in 2015 while in the previous year; it only took 64 days to have 82 units to be rented.

NEW UNITS FOR SALE

Great increase on the list price of 2014 to 2015 is witnessed as the previous list price of $312,027.91 in the previous year has escalated to $321,490.21 this year. In 2014, there are 154 units available with 40 units that are in distress while this year, a number of 135 units with 17 distress units were recorded to be available.

NEW UNITS FOR RENT

This year, the listing prices for units that are for rent have increased by 9.6% with $1873 to $2072 where a gain of $199 is noted. This had happened due to the increase in the number of units for rent this year which is 149 units compared to the previous 130 units of 2014.

North Bay Village First Quarterly Real Estate Report & Market Trends 2015 For condominiums, Co-Ops and Townhouses.

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