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Miami Real Estate – Miami Not On Forbes’ Latest List
The latest Forbes real estate article, America’s New Housing Crisis Capitals, lists metropolitan areas were prices are still dropping with continued declines expected. Thankfully, none were in Miami-Dade, Broward, Palm Beach or Monroe counties!
Miami Real Estate – Lots Of Movement In All Directions
The 2010 real estate market has started out all over the place, both nationally and locally. On a national level, the lousy weather has had a negative effect on the new home segment, with construction on new homes and apartments falling 4% overall in December (construction rose in the South by over 3%). Applications for new building permits, however, increased by 11%.
Locally, the market has been moving a lot, keeping buyers, sellers, renters, and Realtors, on their toes. There are constant price adjustments on properties already listed, both upward and downward; properties priced well are going under contract (last week the EWM office in Coral Gables that I work out of had $21,000,000 worth of transactions) and renters are snapping up deals as downward pressure on rents, especially in condos, has given tenants more negotiating room.
Miami Real Estate – Asking Prices For Single Family Homes Up Over Last 3 Months
According to Altos Research, a firm that tracks the movement of single family homes in 27 real estate markets, the asking price for single family homes has increased over the last three months. This finding is especially interesting since it was reported in a Forbes article titled, Cities With The Fastest-Falling Home Prices. Miami was the only market out of the 27 to post an increase. The findings also show that single family homes in Miami sit on the market the longest, approximately 8 months.
Home Foreclosures Expected to Continue in 2010
The good news is that sales on existing homes, both single family and condos, continue to increase and inventories are decreasing in Miami-Dade county.
The bad news is in the foreclosure numbers for 2009. The numbers include all properties that are in some stage of the foreclosure process.
- Palm Beach County – 30,870
- Broward County – 69,633
- Miami-Dade County – 72,391
- Monroe County – 1,275
Since the unemployment rate is so high in Florida, foreclosures are expected to continue to add to inventories on the market in 2010. Miami-Dade’s new on-line foreclosure program and the government’s Home Affordable Refinance Program should help keep the foreclosure rate lower than 2009’s.
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.
Miami Real Estate – Selling Your Home? List It In January
Most agents will tell you that the best time to list your home for sale is in the late spring and early summer to take advantage of the “summer move”. The summer tends to be the time when most families move as it does not disrupt school schedules. This year, however, I would recommend that you list your house as soon as the new year sets in. The extension and expansion of the First-Time Homebuyer’s tax credit as well as the inching up of interest rates is going to keep the market trudging along, but in order to qualify for the tax credit a property must be under contract by the end of April, 2010.
If your property is already on the market and you are not getting a lot of showings by the end of January, take another look at the market in your area and make sure your property is priced right. You may also want to spruce up the exterior to create better curb appeal.
Related Articles:
Selling Your Home? You Need To Price It Right
First Time Homebuyers Tax Credit Extended and Improved
Don’t Under Estimate The Value of Curb Appeal
Robert Shiller Discusses Housing Market Volatility
An interesting article by Robert Shiller, Yale Economics Professor and one of the creators of the Case-Shiller home price index, discusses the idea that perceptions as to land value is what has driven a lot of the housing market increases. He argues that a growing global economy and increasingly transient population that values economic freedom versus the perceived land value will create a more volatile housing market.
What do you think about the issues raised in the article?
Christmas at Merrick Park
Beautiful Christmas Tree at Merrick Park.
Happy Hannukah!
Wishing you a Happy
Selling Your Home? You Need To Price it Right.
We are starting to hear positive news regarding residential real estate. Sales are up significantly from last year, inventories are starting to decrease, the Government is urging more short sales and banks are complying. HOWEVER, if you are selling your home that does not mean you are in the driver’s seat. It is still a buyer’s market. Based on November’s sales and inventory numbers, Miami still has an 18 month supply of single-family homes and condos. Although that is a significant improvement over November of last year when there was an almost 37 month supply, it is still far from the 6-9 month inventory required in a buyers market. With less short sale and foreclosure properties on the MLS, the properties that are selling are those that are priced right.
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