Category: Market Summary

Find out the real estate trends in your area

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Buying Market Summary Selling

Miami Real Estate Market May Be Turning

moving-on-upCould it be?  While it is too early to say for sure, there are definitely signs that real estate market in Miami-Dade County may be turning.   As I have said before, this recovery is going to be location and building specific, meaning some are going to recover faster and with less overall price decreases than others.

On a county-wide level, there are a number of positive signs, including:

  • Inventory is starting to move.  For single family homes it has decreased 30% over same time last year and for condos it is down 18%
  • Median prices are significantly lower.  Single family homes have plunged from their peak  of $381,000 in July, 2007 to $177,000 at the end of April, 2009.  Condos are down from their peak of $269,000 in April of 2008 to $139,000 in April of 2009.
  • Sales are up.  Single family sales increased 77%  and condo sales increased 60% over same time last year.

Related articles:

Pinecrest, FL Real Estate – Market Trends First Quarter 2009

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Buying Investment Real Estate Market Summary Selling

Miami Real Estate – Quarterly Update For Miami-Dade County

Wow, EWM’s Coral Gables office alone had over $24,000,000 worth of transactions this week!  Does this mean the market has finally reached bottom?  Not necessarily, but if we are not there yet in terms of prices,  I think we are in terms of the decrease in sales.  Put in perspective, the lowest level of inventory for all single homes in Miami-Dade County listed on the MLS was in April of 2005:  2,973.  Based on the number of sales for the first quarter of 2009, our inventory peaked in July of 2008 with 17,070 single family homes.  The  inventory at the end of April stands at 11,936.  As you can see the from the graph below, inventory is starting to move.  Summer is the peak of purchasing season, especially for single family homes, so we should see significantly more movement over the nMiami Real Estate Market Trends ext several months.

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Buying Market Summary Pinecrest Selling

Pinecrest FL Real Estate – Market Trends First Quarter 2009

During the first quarter of 2009 there has been very little change in the inventory of single family homes in Pinecrest listed on the MLS.  Sales also seem to be moving to closing slowly, but the trending increase in pending sales gives me hope that Pinecrest’s real estate market will start moving the way of Miami-Dade County, decreasing inventory and increased sales.  One of the reasons this market is going to turn more slowly than the County’s is due to the pricing.  The median sales price of all single family homes in the County at the end of April was $165,000 whereas in Pinecrest it was $475,000.  78% of  sales in the County were under $300,000.

What has been selling in Pinecrest in the first quarter are the single family homes listed for between $216 and $298 per square foot.  Based on the inventory and number of closed sales in April, there is currently 53 months worth of inventory in Pinecrest. However, based on current inventory and the number of pending sales there is an 11.5 month inventory.  This illustrates how rapidly the market can turn.  Since summer is the most active time for single family home sales, I am feeling cautiously optimistic that the market is starting to change and is at least stopping its downward free-fall.

pinecrest-market-1st-quarter-2009

Related Posts:

Miami Real Estate – Quarterly Update for Miami-Dade County

8 Reasons Why Now is the Perfect Time to Buy Real Estate

Unbelievable Value In Pinecrest

Pinecrest, FL Real Estate Update January, 2009

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Buying Market Summary Selling

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

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Key Biscayne Market Summary

Key Biscayne, Florida Real Estate Update January 2009

Single Family Homes

  • Total single family sales in January 2009: 0

Pending Sales: 3 total, none of which are water front

Active: 140 of which 27 are water front

Price Range for Active:  Non-Water: $5,450,000 – $950,000  Water front: $19,900,000 – $2,925,000

Condos – Closed Sales

  • Total condos sales in January 2009: 7
  • Highest Sales Price: $1,835,000 for a 3,120 square foot unit in Casa del Mar
  • Lowest Sales Price: $460,000 for a 1,600 square foot unit in Key Colony
  • 5 of the sales were in water front buildings

Pending Sales: 16 total, 12 of which are in water front buildings.

Active: 378 of which 261 are in water front buildings

Price Range for Active:  Non-Water: $2,900,000 – $90,000 (to be sold at auction) Water front: $7,800,000 – $245,000

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Market Summary Miami Beach Neighborhood News

Miami Beach, Florida Real Estate Update January 2009

Single Family Homes

  • Total single family sales in January 2009: 4
  • Highest Sales Price: $825,000 for a 2,514 square foot home built in 1936 on a 7,700 square foot lot
  • Lowest Sales Price: $413,126 for a 1,776 square foot duplex on a 8,580 square foot lot.
  • 1 of the sales was a water front property

Pending Sales: 33 total, 9 of which are water front

Active: 467 of which 209 are water front

Price Range for Active:  Non-Water: $9,950,000 – $174,900  Water front: $25,000,000 – $499,900

Condos – Closed Sales

  • Total condos sales in January 2009: 83
  • Highest Sales Price: $7,600,000 for a  4,784 square foot unit in the Murano Portofino
  • Lowest Sales Price: $37,700 for a 701 square foot bank-owned foreclosure
  • 60 of the sales were in water front buildings

Pending Sales: 312 total, 196 of which are in water front buildings.

Active: 3,661 of which 2,584 are in water front buildings

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Market Summary Pinecrest

Pinecrest, Florida Real Estate Update January 2009

Single Family Homes

  • Total single family sales in January 2009: 10
  • Highest price: $1,750,000
  • Lowest price: $261,000 for a bank owned foreclosure

Pending Sales: 23

Active: 294 Highest price: $6,499,000  Lowest price: $299,900 bank owned foreclosure

Condos – Closed Sales

  • Total condos sales in January 2009: 0

Pending Sales: 23

Active: 33  Price range: $1,150,000 – $99,000

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Market Summary Miami Beach

Miami Beach, Florida Annual Real Estate Update for 2008

Single Family Homes

  • Total single family sales in 2008: 116
  • Highest Sales Price: $13,100,000 for a 10,000 square foot home built in 1936 on a 32,000 square foot waterfront lot
  • Lowest Sales Price: $200,000 for a 1,261 square foot duplex on a 2,499 square foot lot.  Bank-owned foreclosure.
  • 54 of the sales were water front properties

Condos

  • Total condos sales in 2008: 1,303
  • Highest Sales Price: $12,360,000 for a  8,900 square foot unit on Fisher Island
  • Lowest Sales Price: $39,000 for a 711 square foot bank-owned foreclosure
  • 914 of the sales were in water front buildings

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Key Biscayne Market Summary Neighborhood News

Key Biscayne, Florida Annual Real Estate Summary 2008

Single Family Homes

  • Total single family sales in 2008: 37
  • Highest Sales Price: $7,500,000 for a 6,369 square foot home built in 1991 on a 16,271 square foot water front lot on S. Mashta
  • Lowest Sales Price: $817,900 for a 1,763 square foot 7,500 square foot lot.  Bank-owned foreclosure on Cranwood.
  • 6 of the sales were water front properties

Condos

  • Total condos sales in 2008: 161
  • Highest Sales Price: $8,550,000 for a  6,700 square foot unit in Ocean Club
  • Lowest Sales Price: $220,000 for a 610 square foot unit in the Key Islander
  • 9125 of the sales were in water front buildings