North Bay Villlage First Quarterly Report & Market Trends, 2016

Using the following chart, we can determine the number of condos sold in the island of North Bay Village for the years of 2016, 2015, and 2014. We can appreciate a small decrease in the listing and closing price from 2015 to 2016; this is just an indication of the market slowing down and finally becoming more stable. Also, it is important to note that the number of units sold and in distress was about the same for the last three years without ignoring the fact that in 2015 and 2016, units were taking significantly longer to sell.

A total of 144 units were listed last quarter at North Bay Village, which is very close to the amount listed during 2015 and 2014 in the same quarter. We also notice that these units were listed at a much higher price, indicating that since the market is so strong and condo owners are not in a rush to sell, many of them have been overpricing their units to maximize profit. Also important to notice is the significant decrease in units listed as “in distress,” which is an indication that banks have been running out of repossessed units.