North Bay Village Second Quarterly Real Estate Report & Market Trends 2015 for Condominiums, Co-Ops and Townhouses.

    There has been a decline of about 13% in the average list price from $305,151 in 2014 against the $264,393 in 2015; while the Close price doesn’t have much difference with a reduction of about 12% having properties sold at $287,334 in 2014 compared to $253,310 the following year. The number of days the properties have remained in the listings has reduced from 109 to 105 which is a good sign along with the details that there have been 60 units sold in 2015 compared to the 58 units sold in 2014 giving about a 3% escalation in the sales. Moreover, the reduction of the properties in distress has lessened approximately 23% with about 22 properties in 2014 against 17 in 2015.

    While there was an increase in the number of units sold, there has been a decline of about 4% comparing the number of rentals in 2014 which is 117 compared to that of 2015 which is only about 112. The decrease in the number of rented properties may also be attributed to the increase in the average list price that rose from $1881 in 2014 to $1984 the following year, and that is a 5% increase. Subsequently, the rental price also revved up to about 6% with $1828 (2014) against $1944 (2015).