Miami Real Estate – Single Family Homes Market Summary

Below is a quick snap shot of what the real estate market for single family homes looked like in October.  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: 14.  3 short sales, 1 REO. Highest Sales Price: $1.7 million. Lowest Sales Price: $154,900.
  • Pending Sales: 22
  • Active Listings: 177 down from 217 at end of Sept.   Highest List Price: $18 million. Lowest List Price: $65,900.
  • Summary: Inventory is down from the end of the third quarter.

Coral Gables

  • Closed Sales: 33.   1 short sales, 2 REOs.   Highest Sales Price: $5.15 million.  Lowest Sales Price: $358,000.
  • Pending Sales: 89
  • Active Listings: 432.  Highest List Price: $49.5 million.  Lowest List Price: $235,000
  • Summary: Inventory  decreased to 432 down from 450 at the end of  the third quarter.   The number of closed sales that were short sales or REOs are down significantly from the end of the third quarter, when there were 11 each closed short sales and REOs.

Key Biscayne

  • Closed Sales: 3.  0 short sales, 1 REO.   Highest Sales Price: $3.5 million.   Lowest Sales Price: $820,000.
  • Pending Sales: 4.
  • Active Listings: 129.   Highest List Price: $24.950 million.   Lowest List Price: $789,000.
  • Summary: Sales are down, inventory is the same as of the end of the third quarter.

Miami Beach

  • Closed Sales: 13.  No short sales, 4 REOs.  Highest Sales Price: $9.7 million.  Lowest Sales Price: $240,000
  • Pending Sales: 53
  • Active Listings: 380.  Highest List Price: $29.9 million.  Lowest List Price: $200,000.
  • Summary: Inventory has decreased slightly.  The number of closings that were short sales or REOs have decreased significantly since the end of last quarter.

Palmetto Bay

  • Closed Sales: 6. 1 short sale, 1 REO.   Highest Sales Price: $625,00. Lowest Sales Price: $142,600.
  • Pending Sales: 52
  • Active Listings: 154.  Highest List Price: $2.85 million. Lowest List Price: $155,000.
  • Summary: The number of closed sales due to short sales is down significantly from the end of September.

Pinecrest

  • Closed Sales: 14.  1 short sale and 2 REOs.  Highest Sales Price: $2.6 million.  Lowest Sales Price: $419,000.
  • Pending Sales: 35
  • Active Listings: 211.  Highest List Price: $5.9 million. Lowest List Price: $349,000.
  • Summary: Although the inventory in Pinecrest decreased slightly from 227 at the end of  September to 210 at the end of October, the current inventory level divided by the number of sales closed in October result in a 15 month supply of properties.  The median price of current listings is $1.395 million and 30% of the listings are over $2 million.

South Miami

  • Closed Sales: 3. 0 short sales, 1 REO.   Highest Sales Price: $325,000. Lowest Sales Price: $266,000.
  • Pending Sales: 30
  • Active Listings: 68.  Highest List Price: $1.880 million. Lowest List Price: $62,300.
  • 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.


About The Author

Jennifer Wollmann

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