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Archive for the 'Market Summary' Category
Miami Real Estate – Foreclosures and Shortsales
As of December 2010
REO Homes were 12% of Total Inventory and 41% of Total Sales
Single family home Short Sales were 32% of Total Inventory and 19% of Total Sales
REO Condos were 9% of Total Inventory and 46% of Total Sales
Condo Short Sales were 32% of Total Inventory 22% of Total Sales
Miami Real Estate – 2010 Snapshot
For single family homes as of December 2010:
- Median Price $172,000 vs $400,000 peak in May of 2007
- 8156 single family homes listed on the MLS vs a peak inventory of 17,070 in July of 2008
- Currently there is a 10 month supply. A 6-9 month supply is a stable market, so we are getting closer.
For condos as of December 2010:December 2010
- Median Price $101,000 vs $215,000 peak in January of 2008
- 15,116 condos listed on MLS vs 24,905 at peak in May of 2008
- Currently there is a 12 month supply, so we still have a ways to go to stabilize the condo market.
Miami Open House Weekend 6-27-2010
Miami Real Estate – Current Market Quick Facts
- There are twice as many sales today than 2 years ago
- There is 1/2 the inventory there was 2 years ago
- The rental to sale ratio is about 50:50. Normal is 25:75
- EWM is selling a $1,000,000 property every 36 hours
- 52% of EWM’s sales are cash
- There are more $1,000,000 condos selling that $1,000,000 single family homes
Miami Real Estate: Overall First Quarter Commercial Sales Decrease 54% From 2009 Levels
Over the last 12 months, the price per square foot has decreased across all commercial sectors.
- Office 38%
- Industrial 21%
- Multifamily 15%
- Retail 3%
South Florida Real Estate: Market Summary First Quarter 2010
Miami Dade Real Estate: Pending Sales in the Million $ and Up Price Range Surge 67%
Miami Existing Home Sales Rise in December
Although nationally existing home sales fell in December, sales of single family homes in Miami were up 37% over November. With the median price of both single family and condos down significantly and the expiration of the first First Time Homebuyers Tax Credit coming up in April, sales are expected to continue rising in the first quarter.
7 Reasons to Buy Real Estate Now
Okay, you have been hearing that now is the time to buy a home, but maybe you are still unsure of why, when there is so much inventory on the market and so much insecurity in the economy. Here are 7 specific reasons:
- Home Buyer Tax Credits – The Government is paying first-time home buyers and move-up buyers money to purchase a home. It can be a single family home or a condo, it just has to be your primary residence.
- Interest rates are still at historic lows, currently around 5.25% for a 30-year fixed rate mortgage.
- Lenders are moving their inventories of foreclosures and are becoming more likely to agree to short sales.
- Interest rates will increase due to the huge amount of government debt.
- The median price of a single family home is currently $185,000, down from a median price of $400,000 at the peak of the real estate boom.
- There is currently a 10 month supply of single family homes in Miami-Dade County, down from a 24 month supply at the end of 2008. A stable market has an inventory of 6-9 months.
- There has been a 29% increase in sales since last year.
- Whether single family or condo, under $300,000 or over $1,000,000, the market trend has been a steady decrease in inventory since at least October of 2008.
Now, you may be a naysayer and agree with someone who stated that the price of real estate is going to go down another 33%, but those of us that are active in the market are not seeing it. We are seeing inventories decreasing, foreigners and investors coming back into the market that they had shied away from during the boom years and buyers getting some very good buys. Miami is on sale and many properties are selling for less than what it would cost to build the exact same structure on the same lot. Are you going to be someone who says, “Shoulda, woulda, coulda” or someone who feels lucky that they got into the market when they could?
Miami Real Estate – Single Family Homes 4th Quarter Market Update
Below is a quick snap shot of what the real estate market for single family homes looked like for the fourth quarter of 2009. These numbers are derived from the Multiple Listing Service and though they do not include For Sale By Owners and anything not listed on the MLS, they are indicative of what is going on in our local markets. The closed sales may be slightly underestimated due to the lag time in posting the sale in the MLS.
Coconut Grove
- Closed Sales: 23. 5 short sales, 3 REO. None of the closings in December were Short Sales or REO. Highest Sales Price: $2.2 million. Highest Price/Square Foot: $437.98. Lowest Sales Price: $154,900. Lowest Price/Square Foot: $82.97
- Pending Sales: 22, 14 of which went pending in the fourth quarter.
- Active Listings: 165, down from 217 at end of Sept. Highest List Price: $18 million. Lowest List Price: $65,900.
Coral Gables
- Closed Sales: 101. 6 short sales, 10 REOs. Highest Sales Price: $5.15 million. Lowest Sales Price: $250,000.
- Pending Sales: 74
- Active Listings: 421, down from 450 at the end of the third quarter. Highest List Price: $49.5 million. Lowest List Price: $89,500
Key Biscayne
- Closed Sales: 13. 0 short sales, 1 REO. Highest Sales Price: $6.15 million. Lowest Sales Price: $820,000.
- Pending Sales: 3.
- Active Listings: 122. Highest List Price: $24.950 million. Lowest List Price: $985,000.
Miami Beach
- Closed Sales: 41. 5 short sales, 7 REOs. Highest Sales Price: $9.75 million. Lowest Sales Price: $240,000
- Pending Sales: 53
- Active Listings: 380. Highest List Price: $29.9 million. Lowest List Price: $181,000.
Palmetto Bay
- Closed Sales: 42. 8 short sale, 4 REO. Highest Sales Price: $1.45 million. Lowest Sales Price: $140,000.
- Pending Sales: 63
- Active Listings: 139. Highest List Price: $2.85 million. Lowest List Price: $165,000.
Pinecrest
- Closed Sales: 45. 4 short sale and 5 REOs. Highest Sales Price: $3.5 million. Lowest Sales Price: $236,000.
- Pending Sales: 29
- Active Listings: 199. Highest List Price: $5.9 million. Lowest List Price: $265,000.
South Miami
- Closed Sales: 24. 3 short sales, 9 REO. Highest Sales Price: $870,000. Lowest Sales Price: $87,500.
- Pending Sales: 21
- Active Listings: 71. Highest List Price: $1.899 million. Lowest List Price: $57,270.
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