MiamiRealEstateKing

Miami and the Beaches – Real Estate Sales & Pricing Stats – Sept./2011

In real estate on October 15, 2011 at 11:25 pm

No…not much progress was made in Miami-Dade county’s real estate since August. It seems we’re rolling downhill….backwards.

Even as compared to national activity as featured in this article: http://www.housingwire.com/2011/10/13/yearly-housing-inventory-down-20-home-sales-up

Yes, total inventory of properties For Sale continued to drop by just shy of 2% from August/2011 to September/2011 and reflected a robust drop of 38.7% year-to-year (Sept./2010 to Sept./2011) and 37% from the same Quarter in 2010. This is good…but it is reaching a plateau.

Luckily, New Listings, though it has been going up and down in the past few months…like a rollercoaster, it also dropped in Miami-Dade by 5.8% from Aug. to Sept, 2011, and by a healthy 20.2% between Sept./2010 and Sept./201,1 while also experiencing a 22.1% reduction in new listings taken as compared to the same quarter in 2010.

HOWEVER, the place where we want to continue seeing advancements in (Closed Sales), continues to drag showing 20.8% fewer closings between Aug and Sept/2011 and 7.5% fewer closings as compared to the same month in 2010 although, we did see a modest 7.3% improvement in closed sales comparing the three months ending in Sept. 2011 to the same period in 2010.

Fortunately, Pending Sales continue to improve by all measures. Short of seeing these pending sales actually close, the mere fact contracts continue to be signed in record numbers month-to-month and year-over-year, is a great sign. It means that buyers are hot and sellers are coming to terms with the reality of today’s market.

Below, we can see that as compared to

,

continues to shine in pretty much, all counts.

Note especially the number of Pending Sales as compared between Sept./2010 and Sept./2011 – a 85.7% increase in the number of properties under contract. Fantastic. Also, even with more than 48% more properties listed in Sept./2011 over Aug./2011, there were also almost 34% fewer properties for sale in the same period.

Now, when we brake

from the rest of the beaches, we notice things slow down even more and yet…this is where almost half of everything happening in all the beaches happens.

Problem is…Closings and Pending Sales have been lack-luster at best.

With the economic, employment and political insecurity where it’s at, the slow season and other factors, it seems the real estate market is starting to show signs of second-thoughts. Hopefully, not something more sinister brewing like…a recession do-over?

Now, for all the negatives in sales, prices in South Beach have gained healthily

Well…Miami Beach as a whole also saw great improvement in prices

Unfortunately, the rest of the county did not enjoy the same price improvement as seen in the beaches. A sign that demand for beach properties continues to be high.

So…what do YOU think is going to happen next in our market? How do you think sales and prices are going to show for October?

==

Your opinion and comments welcomed 🙂

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  1. miami beach real estate for sale…

    Nice blog on Miami and the Beaches Real Estate Sales & Pricing Stats … It is very informative but I don’t fully agree with it as I have read other online views on the same. It was good to spend evening going through internet on Monday . I’ll vi…

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