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Mid-Year 2018 Miami Real Estate Market Report

Miami Real Estate Market Report: Mid-Year 2018

Taking a birdseye view of Miami-Dade County’s single-family home market, inventory appears steady over the past 6 months. There are approximately 6,000 homes for sale in Miami-Dade County. Sales are up with an average of 1,200 homes selling per month over the past 12 months.

At a glance, it appears to be a well-balanced market. Fact is, one could report on the market and skew the numbers to say most anything, “it’s an extreme sellers market!” or “the sky is falling!,” The story differs drastically depending upon the price range and the neighborhood, the current market is price specific and very local in nature.

Over the past 30 years, I’ve experienced many markets. Today’s market is most interesting—it differs not only from one Miami neighborhood to another, but there are often multiple markets within each neighborhood. I would like to wrap this report into a neat little package and give you a simple recipe to determine your home value (like Zillow unsuccessfully tries to do), but there are many factors to consider in the “art” of pricing.

Finding an affordable home in Miami-Dade County (under $300k) is extremely difficult. In this price range, there is an average of around 600 homes for sale each month and an average of 400 selling. There is less than 1 month of inventory resulting in an aggressive sellers market.

Between $300K-1$M is a zone to be very cautious when pricing. Homes vary between balanced and buyers market. Each $100k pricing increment has its own market trend. Overall, prices are edging up, yet hundreds of homes are left unsold and languishing on the market.

The market between $1M and $2M is probably the most complex. It often includes a combination of waterfront and non-waterfront homes in varying neighborhoods. Overall values remain consistent across the board with 12-30 months in inventory resulting in a buyers market.

The price range of $3M to $5M is experiencing a decrease in inventory. Value remains steady in spite of a decline in the number of sales. There is a strong buyers market with approximately 30 months of inventory.

The number of homes in Miami on the market over $5M is soaring with a 50% increase since the same time last year. At this price point, less than 1 home sells every 2 months. Most people in this price range do not “have to” sell and there is no evidence that the market has decreased in value.

Yes, it’s a complicated real estate market. Yet, there are a few words of advice I live by:

  • One cannot go broke making a profit.
  • With the lowest interest rates in history, it is far more likely that prices will go up than interest rates go down.
  • Neither you nor I can accurately predict what the market is going to do. Make your real estate decisions based upon “today’s” market and don’t let a few dollars more or less stand in the way of your quality of life.

The National Association of Realtors reports 5.5 million homes sold in the US in 2017 and more than 2 million licensed agents. The top 1% of agents conduct the majority of the sales.

When making real estate decisions, choose an agent with a proven track record that is going to consider your personal situation and your unique market.

Georgeé & Company is in the top 1% of agents in the nation. Our success is built on looking out for our customers’ needs.

Call me today at 305 608 5269. My team has the reputation and expertise you are looking for.

Georgeé’s Bay to Beach Market Observations

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.

Click here to view detailed recent market trends and reports.

Do you want an honest and straightforward assessment of the market and how it applies to your situation? I offer you as much information possible. I help you self discover by asking you questions about your goals. Together we consider the positive and negative ramifications of your decisions and I help you assess what the best decision is for you given that information and the timing in today’s market.

I and my team are here to help and our accent is always on YOU! Call me today at 305-608-5269 for a private consultation.