Real Estate Market Report - September 2013 (so far)

The inventory for the Miami-Dade County real estate market increased from August to September.  The number of single family homes in inventory increased roughly 6% to about 4,850 and condos/townhomes increased about 4.5% to about 8,350.  Out of all the homes on the market for sale, just like last month, about 82% are regular sales, while REO’s account for about 10% and Short Sales account for about 8% of the total inventory.  The inventory from a year ago has increased 11% and sales have dropped roughly 10%.

Sales for the month continued to go down.  The drop off in sales from August to September was greater than from June to July.  If the trend continues, the inventory will be increasing half a month to a month, each month.  There are slightly less investors than in past months, and the increase in interest rates has also affected the amount of the loan buyers are qualifying for, which in turn, decreases the number of total buyers.  A breakdown of this month’s sales are – regular sales (72%), REO’s (16%), and Short Sales (12%).  The demand for homes has gone down slightly depending on the price range.  Homes below $250,000 are selling almost immediately.  Homes in all other price ranges are still selling rather quickly with multiple offer scenarios and over asking price offers.  But, the properties can’t be priced that much over market value in these price ranges.  The rental market has been just as busy as the last few months.

There are still plenty of foreign buyers from all over the world looking to purchase in almost all areas of South Florida.  The amount of investors has decreased slightly.  It will be interesting to see how the next few months play out with increased inventory, less sales, less investors, and increased interest rates.

Amit Bhuta, ABR, CNS, CRS, e-PRO, Realtor-Associate
Coldwell Banker Residential Real Estate
Serving Miami-Dade and Broward County
(305) 439-3031 Cell
(305) 596-0081 Fax
www.ReasonsToHireMe.com (Why Choose Me)
www.WhyYourHouseDidNotSell.com (Why Homes Don't Sell)
www.DadeCountyMLS.com (Website)
www.MiamiForeclosuresDaily.com (Daily Updated Foreclosure List)
abhuta@bellsouth.net (Email)