Mid-Year 2016 Real Estate Market Report
Media reports offer conflicting information and analysis regarding real estate market trends. Fact is, there are many factors that go into the market trends and they can be manipulated to say almost anything you want them to say.
On a very local level, these are my observations mid year 2016 regarding Miami’s northeastern Biscayne corridor to the beaches:
- Currently, real estate trends are price specific, meaning, that dependent upon the price you are buying or selling you have a different market situation.
- All price ranges have experienced a considerable increase in inventory.
- At the present time, the condo and the single family homes are following two completely different trends.
- There are buyers in the marketplace and homes are selling. The attitude of the buyer has adjusted and most are apprehensive about the future values. This is reflected in their reluctance to “stretch upward” on the ultimate purchase price of their investment.
- Many homes are sitting on the market. The true test of a seller’s flexibility is their motivation. There are many sellers in the market that would “like” to sell but do not “have to sell”. Any adjustment in values will be in direct proportion to how many sellers “desire” to move forward with their plans. The number of truly “motivated” sellers will determine the market trend.
- This same time last year we have experienced approximately a 10% reduction in value for the average selling price in most price ranges.
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Georgee this is very useful and timely stuff and well presented. I have been asking my realtor friends for a temperature reading of the market since July when things appeared to sag or slow. I have received different sorts of information but you know, informed and experienced realtors I know have all said more or less what you are saying here. Thank you. Valuable newsletter.