Strategies to maximize your sales price and market trends
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?
Beautiful Christmas Tree at Merrick Park.
Wishing you a Happy
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.
This gorgeous oceanfront development on 12 acres is a true vacation destination, even if you live here year round! The Continuum, in Miami Beach’s South of Fifth neighborhood, currently consists of two condo towers and several lofts. The North Tower is 50 S Pointe Drive and the South Tower is 100 S Pointe drive.
The market information as of today for 2 bedroom units in each of the two towers is as follows:
This chart shows all of the single-family homes and condos that are currently on the market for sale, are under contract and pending, or that have sold. The most telling one is the For Sale bars as it shows a steady decrease in inventory as properties are either pended, sold, or taken off of the market. The number of homes pended and sold in November is down slightly from those in October, but the overall direction of the inventory is still heading downward. Granted, based on November’s inventory and sales, we still have approximately 18 months of inventory to plow through, but as long as inventory keeps going down, the market is moving in the right direction.
Remember that this is a county-wide snapshot and each neighborhood or even building is going to have it’s own unique market. What are you seeing in your neighborhood or building?
Thanksgiving week is normally the start of a slow time for real estate sales. Not for EWM, however. Our Miami-Dade EWM offices totaled almost $23,000,000 in sales and leases.
Pending home sales from March through November are up 46% in Miami-Dade County. The number of homes pending is important because there is normally a one to two month lag between the time a property goes under contract and when it actually closes. Once a home is pended in the Multiple Listing Service it does not show up as available inventory. Although not all pending sales actually close, it is a pretty good indicator of future home sales.
There are so many different styles of architecture on Miami Beach, it is no wonder that just about anyone can find their ideal building or home on the Beach. From the Art Deco and post war buildings of passed decades to the current luxurious high rises, there are plenty of options in all price ranges for condo buyers.
48.5% of the increase in sales reported by NAR were under $250,000. In the South, 51.6% of the sales were under $250,000. The increase in sales was largely due to the expiration of the first-time homebuyers credit, which President Obama ended up extending and expanding. Most experts expect the next couple of months sales to slide back a bit.