Miami Real Estate, Its All in the Numbers

numbersUnlike the television show, Numb3rs, I am not going to get into any fancy or complicated formulas.  I am just going to state the real estate numbers for Miami-Dade County as of the end of the first quarter of 2009.  You can use them to make your purchasing or selling decisions, to get a glimpse of what is going on in our market, or to fill in awkward silences at cocktail parties.

Overall Numbers

  • 35% of all listings on the MLS are either short sales or REO
  • 59% of all sales on the MLS are either short sales or REO
  • 82% of all residential sales are under $300,000

Single Family Home Numbers

  • 20% of single family home sales are under $100,000 (yes there are homes under $100k in Miami but hurry, they are only 6% of the inventory and going fast!)
  • 3% of single family home sales and 14% of the inventory are over $1,000,000.  Inventory in this price range is at 83 months, up from 55 months this time last year
  • 17 month supply of single family homes down from a 42 months supply 1 year ago (Wow, that was fast!)

Condo Numbers

  • 36% of all condo sales are under $100,000 and they make up 15% of the inventory
  • 3% of condo sales and 9% of inventory are over $1,000,000.  Inventory in this price range is at 88 months up from 41 months last year.
  • 24,835 condos at peak of inventory July 2008.  21,134 condos as of April 2009 (many more available that aren’t on the MLS)

Stay tuned for future episodes!

Other articles by the numbers:

Miami Real Estate – Quarterly Update for Miami-Dade County

Pinecrest, FL Real Estate – Market Trends First Quarter 2009

Key Biscayne, Florida Real Estate Update January 2009

Miami Beach, Florida Real Estate Update January 2009

About The Author

Jennifer Wollmann

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