Today there are 150 units being offered for sale on the MLS in the South of Fifth neighborhood. This is a relatively low number as it is often at 250 or more. Still about 18 units a month are being sold, 10 per month for units costing over $1 million and 8 per month for units costing less than $1 million. There are more than twice as many units on the market costing over $1 million (108) as there are costing less (42).
While the actual number of sales is similar (62 for the over $1 million and 48 for the under $1 million), the absorption rate of units over $1 million is slower than that of the less expensive units, resulting in the $1 million plus units having a 10 month inventory of available units while the under $1 million units have an inventory of just 5 months.
A market is considered balanced when there is a 6-9 month worth of inventory available. Statistically this means that the units over $1million are trending to a Buyers market, while those under $1 million are still in the Seller’s market category.
Here’s a snapshot of the units that are currently available in each category.
View of the Murano from the Marina walk
