Miami Real Estate – Third Quarter Market Update – Single Family Homes

Below is a quick snap shot of what the real estate market looked like after the third quarter.  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: 36.  3 short sales, 7 REOs. Highest Sales Price: $1.55 million. Lowest Sales Price: $50,000.
  • Pending Sales: 28
  • Active Listings: 215.   Highest List Price: $18 million. Lowest List Price: $79,900.
  • Summary: The number of closed sales and inventory are up from the second quarter.

Coral Gables

  • Closed Sales: 93.   11 short sales, 11 REOs.   Highest Sales Price: $5.5 million.  Lowest Sales Price: $124,000.
  • Pending Sales: 88
  • Active Listings: 450.  Highest List Price: $49.5 million.  Lowest List Price: $189,000
  • Summary: Both the number of sales (93 up from 82) and the inventory (450 up from 278) are up in the third quarter as compared to the second quarter of 2009.  In both quarters, over half of the sales were listed under $600,000.

Key Biscayne

  • Closed Sales: 9.  No short sales, 1 REO.   Highest Sales Price: $3.75 million.   Lowest Sales Price: $780,000.
  • Pending Sales: None.
  • Active Listings: 129.   Highest List Price: $24.950 million.   Lowest List Price: $945,000.
  • Summary: Sales are down, inventory is up and there are currently no pending sales.

Miami Beach

  • Closed Sales: 51.  6 short sales, 11 REOs.  Highest Sales Price: $9.5 million.  Lowest Sales Price: $141,750
  • Pending Sales: 57
  • Active Listings: 391.  Highest List Price: $29.9 million.  Lowest List Price: $200,000.
  • Summary: Inventory has increased from 264 at the end of the second quarter, while sales have remained at about the same from the second quarter’s 53.

Palmetto Bay

  • Closed Sales: 64. 4 short sales, 10 REOs.   Highest Sales Price: $1.4 million. Lowest Sales Price: $125,000.
  • Pending Sales: 46
  • Active Listings: 159.  Highest List Price: $2.85 million. Lowest List Price: $155,000.
  • Summary: The number of sales between the second and third quarter have remained relatively the same.  The inventory has increased from 92 in the second quarter up to 159 in the third.

Pinecrest

  • Closed Sales: 53.  2 short sales and 2 REOs.  Highest Sales Price: $3.3 million.  Lowest Sales Price: $283,000.
  • Pending Sales: 32
  • Active Listings: 227.  Highest List Price: $5.9 million. Lowest List Price: $369,000.
  • Summary: Both the number of sales (53 up from 50) and the inventory (227 up from 143) are up in the third quarter as compared to the second quarter of 2009.

South Miami

  • Closed Sales: 22. 8 short sales, 8 REOs.   Highest Sales Price: $1.3million. Lowest Sales Price: $20,000.
  • Pending Sales: 22
  • Active Listings: 66.  Highest List Price: $1.880 million. Lowest List Price: $72,300.
  • Summary: The number of closed sales is down slightly from the second quarter, which had 28 closed sales.  Inventory is up from 28 at the end of June.


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