MiamiRealEstateKing

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

In real estate on December 3, 2010 at 12:07 pm

The number of single family homes sold in Miami-Dade county continued the downward trend

we’re all familiar with – down 23.7% from Oct./09 and down 19.3% from Sept./10.

New Listings (for sale) were also down 8.7% from Sept./2010, though up 10.2% from Oct./2010

While overall, the total number of properties for sale dropped 3.6% as well from Sept./2010 and

8% from Oct./2009.

In spite of this continued drop in sales, the Median Closed Price of Single Family Homes was

up 2.3% from Sept./2010 and up 5.4% from Oct./2009

It is interesting to note however, that although the Average Closed Price was up 4.8% – there was

no change from a year ago – possibly signaling a holding pattern/recovery trend.

The more telling sign that sellers are perhaps finally caving, is the Average Active (properties currently

listed for sale) Price which, though up 2% from Sept./2010, it was actually down 7.3% from Oct./2009.

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

Buyers must note that with less inventory and continued pent-up demand, prices will likely continue

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 that bottom price 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 by over 20% to 12.7 months compared

To Sept./2010 – the 3rd monthly increase in the time it is taking properties to sell (it was 9.5 months

in August/2010). This means that, your single family home will likely sit unsold on average, for about 1 year.

The increase in Months of Inventory corresponds to a similarly telling drop of 16.8% from Sept./2010

ff the Absorption Rate, based on Closed Sales – also down 17.1% 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 houses, less of these houses 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.

Stay tuned for November’s numbers coming out soon.

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