Overall, the HOUSES LISTED FOR SALE decreased significantly relative to last year. In August 2009 there were 9,352 compared to 16,775 in August of 2008. The NUMBER OF HOUSES sold in August 2009 was 673 compared with 531 in August of last year. Inventory is down and sales have definitely picked up! There was 13.9 months of inventory available in August of 2009 vs. 31.6 months in August of 2008. The average SOLD SQUARE FOOT PRICE declined 30.3%, from $199/SqFt in August of 2008 to $139/SqFt in August of 2009. The increase of buying activity from last year shows that prices are at a point where Buyers are more able and willing to purchase. This increase in buying is good news for Sellers who price their properties appropriately.
As for CONDOS, the inventory has gone down from last year: 17,731 were LISTED FOR SALE in August of 2009 compared to 24,326 in August of 2008. The NUMBER OF CONDOS sold in August 2009 rose to 780 from 591 in August of 2008. There was 22.7 months of supply in August 2009 vs. 41.2 months of supply in August of 2008. The average SOLD SQUARE FOOT PRICE declined 29.6%, from $276/SqFt in August 2008 to $194/SqFt in August of this year.
It's clear that in Dade County inventory is down, prices are down and sales have picked up. Because of the sharp decline in prices and abundant supply of condos and of houses currently available, we can consider this a Buyer's Market. Inventory of over 12 months supply is generally considered favorable to Buyers. The news is good for Sellers, too, though. Properties that are prices appropriately are selling.
Miami-Dade County is comprised of many different neighborhoods, each with unique market characteristics. In some areas, there is a larger or smaller inventory of homes available than in other areas. Supply and demand influences prices, so there is a large difference in prices related to each area. The market conditions noted here are taking into consideration the averages for the ENTIRE Miami-Dade County. The particular area you are interested in may have completely different market conditions!
Please call me for information specific to the area you are interested in—whether you're looking to purchase or to sell property: 305-968-4759. You can also contact me via email, if you prefer: b@SuperbMiamiHomes.com I look forward to hearing from you!
Approximate Location Boundaries: All of Miami-Dade County, from Florida City and Homestead, in the south, to Sunny Isles and Aventura in the north. Includes Key Biscayne, Miami Beach and all the islands up to Golden Beach.
Location Characteristics: Miami-Dade County is comprised of many vastly different areas. The northern boundary of the County, where it meets Broward is on N.E. 215 St., and the eastern boundary is the Atlantic Ocean. The communities in this area include Golden Beach and Sunny Isles on the Atlantic coast; Aventura on the mainland coast; and Miami Lakes to the west. Other communities on the Atlantic coast include Bal Harbour, Surfside, Miami Beach, Fischer Island and Key Biscayne. Communities on the mainland coast include Aventura, Biscayne Park, Miami Shores, Morningside, the Biscayne Corridor, downtown Miami, Brickell, Coconut Grove, Coral Gables, Pinecrest and Palmetto Bay. Islands on Biscayne Bay include Eastern Shores, Bay Harbour, Normandy Isle, North Bay Village, Sunset Isles and Venetian Isles. The western boundary of Miami-Dade County is the Everglades and the southern boundary would be where the last communities are, including Homestead and Florida City, before heading south to the Florida Keys. Communities in the central and west sections of Miami-Dade include: Hialeah, Westchester, Kendall, Kendale Lakes and Redland.
About Beatriz Portela:
Beatriz specializes in the sale of Exceptional Residences in the beautiful South Florida area: from homes in the woodsy enclaves of Coconut Grove to luxurious condominiums in Brickell, the Biscayne corridor and Miami Beach...from distinguished historic houses in Coral Gables and South Miami Avenue, to island living in Key Biscayne...to trendy new developments on the Miami River and downtown...to waterfront homes with dock space.
As a full-time Realtor, Beatriz is committed to providing personal, superior service. She assists customers with all of their real estate needs, including Loan Pre-Approvals and Financing, Contract Negotiations, Closing Details, National and International Relocation Services and coordination of Property Management. Services for sellers include in-depth Comparative Market Analysis to assist in pricing; Home Staging; and extensive, customized Marketing and Advertising.
Beatriz has a Masters degree in Business Administration from the University of Miami and a BA degree from the University of California. She is a member of the National Association of Realtors, the Florida Association of Realtors and the Realtor Association of Miami and the Beaches. She holds a Real Estate Salesperson License for the State of Florida. She is also a certified Relocation Specialist, who works extensively with incoming national and international customers, as well as placing outgoing customers with qualified agents at their destinations. Beatriz is bilingual in English and Spanish.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
