MiamiRealEstateKing

Average Sold Prices and Median Sold Prices Up in Miami-Dade

In real estate on December 1, 2010 at 8:27 pm

Forget the media…here are the cold, hard facts of Miami-Dade real estate:

Although the number of closed transactions county-wide dropped sharply between Sept. and Oct.,

Pending Sales continued to forge ahead, signaling an appetite to buy.

Also note that, Year-To-Date (YTD), both Closed and Pending Sales were up while For Sale and

New Listings where lower in all categories.

Additionally, the next two graphs show that, though down Year-To-Date (YTD), Average Closed

Prices and Median Closed Prices were actually higher between Sept and Oct., 2010 and for

the first time in 4 months.

Notice as well that the Average Sold Price was up 6.3% and the Median Sold Price was up 5.5%

despite media reports that nationwide prices were down in Q3 – which ended 2-months ago!

In fact, notice that this is the first sharp increase in 5 months! (though September’s Median Closed

Prices were not far off from being flat compared to August)

Closed Distressed property sales (REO and Short Sales) were also sharply down as shown below

While Non-Distressed (Non-REO and non-Short Sales), showed a little more resilience,

there were 10% more non-distressed listings in October than there were in Sept., though

down 13.5% YTD, possibly signaling more REOs and/or home owners looking to move-on.

At the same time, notice that Pending non-distressed sales were also up 10.3%, possibly

signaling that buyers are favoring the lesser-headache property sales over those pesky REOs

and Short Sales.

Buyers should also not forget that, in spite of how painful things may seem out there, the recession

as defined by experts was declared over in June of 2009 – over 18 months ago!

Many transactions closed ALL CASH, meaning – there are plenty of folks with cash out there.

As a matter of fact, our Multiple Listing Service (MLS) reveals that, out of 1533 closed Single

Family, Condominiums, Townhomes and residential Income property (multi-family up to 4 unit),

transactions In the month of November…951 were closed with CASH (that’s about 62% of all

closed transactions in November).

In addition, private employment figures continue to get better (although not to the level we truly

need and interest rates continue to hold lower than we’ve ever seen (I challenge you to show me

ANYONE you know PERSONALLY who remembers interest rates being this low).

The facts in the above charts show that, attempting to time the bottom, may be futile.

A buyer sitting in the sidelines waiting for someone to give you permission to think we’re OK to

buy may be cheating yourself of an opportunity to buy at possibly, the best market you WON’T see again.

Therefore, to make any assumptions about our market TODAY, based on “forensic” information

about 3rd quarter figures now 2 months old, can erroneously lead buyers into thinking that there

is still time to see the bottom when, in realty, the bottom may very well be HERE NOW.

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