MiamiRealEstateKing

Miami-Dade county: Number of Condo Closed Sales Down in October

In real estate on December 3, 2010 at 12:54 pm

The number of condo units sold in Miami-Dade county continued the downward trend

we’re all familiar with – down 21.6% from Sept./2010 and marginally down 1.1% from Oct./2009.

New Listings (for sale) were also down 6.4% from Sept./2010, though up 12.9% from Oct./2010

While overall, the total number of properties for sale dropped 3.7% from Sept./2010 and8.5% from

Oct./2009.

In spite of this continued drop in sales, the Median Closed Price of Condominiums wasup 6.2% from Sept./2010

yet, down 20.8% from Oct./2009

In addition, the Average Closed Price of condo units was up 6.9% – although there wasalso a 14.8% drop

from a year ago.

Also, the Average Active (properties currently listed for sale) Price which, though up 2.9% from Sept./2010,

it was actually slightly down 1.4% from Oct./2009.

The overall message to market-makers (buyers and sellers), is that we still have a long way to go.

Condo buyers must note that with continued pent-up demand, prices will likely continuethrough

a “bouncy bottom” trend, ultimately edging upward. Besides, the most competed market segment is

precisely the under $200,000 property – heavily competed by first-time buyers and investors alike –

both pushing bottom condo prices upward as they attempt to outbid each other for those sensibly priced

properties.

Sellers must not be led into thinking this will translate into higher sales prices for them. Remember

that the volume of sales is down and that, if you want or must sell in today’s market, you are in a

Price War and a Beauty Contest, never seen by most (if any) of us.

All marketing aspects of selling your property must work in unison and you must work with professionals

who understand this balance. If you are under water and facing foreclosure, this is no time to hesitate either.

Visit www.CDPE.com and find a specially trained expert to help you through the process of getting that

home sold and mitigate as much of the financial damage as possible, while avoiding foreclosure.

Months of Inventory, based on Closed Sales has increased byalmost 23% to 16.2 months compared

to Sept./2010 – the 2nd monthly increase in the time it is taking properties to sell (it was 12.8 months

in August/2010). This means that, your condo unit will likely sit unsold on average, for almost 11/2 years.

Although the increase in Months of Inventory was down 7.5% from Oct./2009, it corresponds to a similarly

telling drop of 18.7% from Sept./2010of the Absorption Rate, based on Closed Sales – though up 8.1% from Oct./2009.

For the 3rd month in a row, the rate at which properties are being absorbed has dropped, telling

Sellers that, although buyers may be now paying a bit more for condo units, less of these units are being

Absorbed (sold) and that therefore, they must be vigilant and highly cooperative with the recommendations

from their professional Realtor.

Now more than ever, this is a time when staging, availability, accessibility and pricing are all equally

critical to sellers- especially since units in a condo line have little to differentiate themselves from other

units other than unit position (higher floor vs. lower floor), view, building financial strength and building/unit

updates/upgrades.

Stay tuned for November’s numbers coming out soon.

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: