The Regional Senior Vice President of Coldwell Banker Residential Real Estate, Charles Richardson, sent me and the members of the Coldwell Banker some updated statistics on our real estate market. They definitely will give you a much better overview of our market. Please read the information he sent us below.
Sales units are up dramatically when you compare residential sales for April of 2009 with the same month last year. Closed sales in Miami-Dade County are up 44% while Broward County shows an increase of 29% when you compare April of this year to April of 2008. The average sales price in April fell 52% in Miami-Dade County while Broward County experienced a 42% decline in ASP. The unit activity growth is a reflection of a very active market, which is evident in every office I visit. The declining average price is the result of the market working out the inventory of foreclosures and short sales, combined with the affordable rates and tax incentives being offered on lower-priced property.
Current values are very good but inventories are shrinking. Months of inventory, based on closed sales, has dropped in Miami-Dade County from 43 months last April to 23 months this year. In Broward County, the inventory in April was 26 months last year, compared with 15 months this year. Shrinking inventories and lower pricing are creating significant value to our existing inventory and resulting in building stronger motivation in buyers who are exploring our market.
The high end of the market is not yet enjoying the resurgence I’ve described above. For homes over a million dollars, the Miami-Dade market experienced a 68% decline in sales units this April, as compared with last year. Broward County also saw a similar decline in sales this year, with a 69% decline when compared with last year. The months of inventory has increased from 41 months last April in Miami-Dade to 121.9 months this year, while Broward climbed from 53 months of inventory to 124 this year. The high-end buyers have not yet responded to the economic conditions like they have in the other price points of the market.
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Wednesday, May 20, 2009
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