MiamiRealEstateKing

MIAMI REAL ESTATE MARKET REPORT – SEPTEMBER, 2010

In real estate on October 17, 2010 at 7:47 pm

The numbers for September have been released and as typical for this time of the year, activity was tappered some.

In Miami-Dade county, our average price per square foot is down 12.6% from 09/2009 and up 3.9% to $154/sq.ft. from August, 2010’s price per sq.ft. of $149.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Avg. Sq. Ft. Price 149 154 3.9% 177 154 -12.6%

Our current Median Price is at $128,000 however. This is down from $156,000 a year ago and from $130,000 in August, 2010. Prices in the chart below are per thousand.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Median 130 128 -1.5% 156 128 -17.9%

Modest changes in both, Average Price/square foot and Median price from August/2010 to Sept./2010  may be signaling that we’re finally at that proverbial bouncy-bottom territory, county-wide.

Let’s now separate our market some more by first continuing to evaluate what prices for single family homes vs. condominiums and townhomes are doing county-wide and then take a look at these figures in our areas of Brickell, Downtown, Biscayne and the beaches.

The Average Price/SF of SFH in Dade was $145 in 09/2010 and $161 in 09/09, while August’s was $143/sf. This translates into an average price for a Miami-Dade house in September/2010 at $284,000.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Avg. Sq. Ft. Price 143 145 1.1% 161 145 -10.4%

Meanwhile, single family house‘s (SFH), median price in Miami-Dade in September was $173,000, down from last year’s $180,000 but up slightly from August’s $172,000 (prices in the chart below are per thousand).

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Median 172 173 0.6% 180 173 -3.9%

The sad truth however is that there continues to be a great divide between Asking Price (For Sale) and Sold Price as depicted by both charts below.

1 month 1 year
Per thousand Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Avg. Active Price 707 694 -1.8% 769 694 -9.8%
Avg. Sold Price 303 284 -6.3% 327 284 -13.1%

 

 

 

 

Interestingly, the average FOR SALE price of houses being offered is at $684,000while the average sold house was $284,000.

A great divide still exists between what homeowners THINK they can sell for andwhat properties actually SELL for.

 

 

Condo units in the county are now selling at a median price of $97,000 as compared to 09/09/s $135,000 and 08/2010’s $102,000 (prices in chart below are in thousands).

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Median 102 97 -4.9% 135 97 -28.1%

Yet, the average price/sq.ft. for condo units county-wide was $166/sf in 09/2010 compared to 09/09’s $201 and August’s $156/sf.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Avg. Sq. Ft. Price 156 166 6.4% 201 166 -17.4%

Of course, this market segment also displays a great divide (though substantially improved between August and September of 2010), between the average List (For Sale) price and the price of Sold condo units.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Avg. Active Price 419 420 0.2% 438 420 -4.1%
Avg. Sold Price 179 196 9.5% 249 196 -21.3%

 

 

 

The average Condo unit FOR SALE is being offered at $420,000 while the average condo unit SOLD for $196,000, also reflecting a big divide

between what condo owners THINK they can get for their units and what is actually SELLING.

 

 

 

In (MLS) areas 22, 32 and 42, which mostly cover our Eastern Miami-Dade county areas of Brickell, Downtown, Biscayne and the beaches, we find that overall activity was similarly tapered but overall, better than the rest of the county.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
For Sale 9214 9183 -0.3% 10087 9183 -9%
New Listing 1614 1447 -10.3% 1342 1447 7.8%
Sold 520 436 -16.2% 452 436 -3.5%
Pended 806 751 -6.8% 677 751 10.9%

The average price per square foot in this more coastal area of town was a robust $261/sf in September, 2010 as compared to the rest of the county ($154), and also improved from August, 2010’s $220/sf for a 18.4% month-to-month improvement.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Avg. Sq. Ft. Price 220 261 18.4% 311 261 -16.1%

Median Prices on the other hand suffered modes loses month-to-month but substantial setbacks from September of 2009.s Median Price of $217,000. Compare this to the county’s Median Price of $128,000 and you have a winner in this area of town. Prices below are shown per thousand

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Median 157 153 -2.5% 217 153 -29.5%

The average List to Sold price substantially narrowed to levels not seen since July, 2010 when the Average Sold price was $334,000, while Sept/2010 Average Price in this area was $350,000. Also a marked improvement over county average sales prices of $284,000.

1 month 1 year
Per Thousand Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Avg. Active Price 697 701 0.6% 732 701 -4.2%
Avg. Sold Price 282 350 24.1% 475 350 -26.3%

 

 

Obviously, the strengths of our Eastern-Coastal properties are the reflection of several factors. Among them, newer properties with great modern amenities, proximity to employment, sports, beaches and almost everything else that is fun AND what most outsiders look for when they decide to buy in our county.

The demand for these urban communities clearly indicate that the gap between the List Price and Sold price will likely continue to be closed over the next several months and will likely continue to outpace the rest of the county county.

 

 

There are not as many single family homes in this area of town. However, one can easily compare the stark difference between property values in this area as compared to the whole county overall. Where the Average Sold Price for Single Family Homes in Eastern Miami-Dade are running at $623,000, the rest of the county is seeing a meager $284,000.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Avg. Active Price 1479 1469 -0.7% 1560 1469 -5.8%
Avg. Sold Price 414 623 50.5% 814 623 -23.5%

Even Median Prices for single family houses in Eastern-county areas in September, 2010 were also higher at $225,000 when compared to the county’s Median Price of $173,000.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Median 235 225 -4.3% 262 225 -14.1%

Of course, this area has a much higher concentration of condominium units than that of most of the rest of the county (specially per square mile). This fact cannot be ignored when noticing that the Average Price per Square Foot among condo units in this section of Eastern Miami-Dade county was $251/sf. Not only an improvement over August, but also much more robust than the county’s average of $166/sf

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Avg. Sq. Ft. Price 227 251 10.7% 297 251 -15.4%

This brings the Average List Price vs. Sold Price levels for condo units in Eastern Miami-Dade to$302,000 which, is also 18% higher than it was in August, 2010 and the county’s Average Condo unit Sold price was $196,000, again demonstrating the demand for more coastal, urban units.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Avg. Active Price 568 571 0.5% 590 571 -3.2%
Avg. Sold Price 256 302 18% 384 302 -21.4%

 

 

 

 

This depicts the strength of condo unit sale prices along the Eastern corridor areas in Miami-Dade county.

 

 

 

The Median Price of a condo unit in Eastern Miami-Dade was slightly less at $142,000 than August, 2010 but much stronger than that reflected for the rest of the county at $97,000.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Median 150 142 -5.3% 200 142 -29%

Just the same, Months of inventory for all properties along the Eastern side of our county, based on Closed sales actually increased by almost 19% between August and September, 2010

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Months of Inventory (Closed Sales) 17.7 21.1 18.9% 22.3 21.1 -5.6%

While Months of Inventory based on Pending Sales only increased by 7% in the same period.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Months of Inventory (Pended Sales) 11.4 12.2 7% 14.9 12.2 -17.9%

Months of Inventory have been greatly affected by the lower Absorption rates along Eastern Miami-Dade

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Absorption Rate (Closed Sales) % 5.6 4.7 -15.9% 4.5 4.7 6%
1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Absorption Rate (Pended Sales) % 8.7 8.2 -6.5% 6.7 8.2 21.9%

However, these are much more improved Months of Inventory and Absorption Rates than some of those seen for the entire county as depicted below.

1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Months of Inventory (Closed Sales) 11.8 14.9 26.9% 14.4 14.9 3.8%
1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Months of Inventory (Pended Sales) 7.5 7.9 4.8% 9.7 7.9 -18.1%
1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Absorption Rate (Closed Sales) % 8.5 6.7 -21.2% 6.9 6.7 -3.7%
1 month 1 year
Aug 10 Sep 10 % Change Sep 09 Sep 10 % Change
Absorption Rate (Pended Sales) % 13.2 12.6 -4.6% 10.4 12.6 22.1%

Yet, the county-wide charts above also consider a much larger number of properties than those within the confines of Eastern-Miami-Dade county’s (MLS) areas 22, 32 and 42.

 

I must proudly add, that our Keller Williams Realty office in Miami Beach has, for the first time since opening in July, 2007, surpassed the volume of sales from every competing area office in our market (MLS areas 22, 32, 42) and that we closed September with $11,642,000 as depicted by the chart below.

 

 

Though it may not seem so, this is a significant achievement for a number of reasons.

First, the office in second spot this time, typically takes the first spot because they report the numbers for every one of their offices combined. In spite of that, we surpassed them (our office is independently owned and operated and our numbers are not combined with any other KW office).

Second, being so new (since July of 2007), our Keller Williams office has outperformed every other more seasoned office in our market area and

Third, because we have been able to achieve through exceptional training and “winning” ways of doing business a market share of 4.5% in total volume sold, outpacing all top offices in our area.

 

IF YOU ARE LOOKING TO SELL YOUR PROPERTY, YOU NEED TO LOOK NO FURTHER THAN KELLER WILLIAMS REALTY.

CONTACT ME TODAY WHETHER YOU SEEK TO SELL YOUR MODEST $200,000 UNIT OR YOUR MORE LUXURIOUS PENTHOUSE AND EXPERIENCE THE DIFFERENCE.

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YOUR COMMENTS AND OPINIONS WELCOMED

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