Although the month isn't over for July yet, most people don't want to wait an entire month before getting information on how the real estate market is going. I think it is important to get a feel for the month as quickly as possible to make buying and selling decisions quicker with trending information. Even though the information may not be 100% complete, it is close enough to give a homebuyer or home seller enough information to be ahead of the market, those waiting approximately a month to get the prior month's information. With that said, below is a market report and comments on Miami-Dade's real estate market for the month of July 2013.
The inventory for the Miami-Dade County real estate market remained almost the same as June, with single family homes decreasing about one hundred homes to about 4,400 and condos/townhomes increasing about two hundred to about 7,700. The months of inventory is less than four months causing prices to continue to rise.
Interest
rates have gone up nearly one point in the last few months. One would think that would immediately hurt
the demand for home buyers, but with about forty-five to fifty percent cash
buyers for single family homes and approximately seventy-five percent of
townhome/condo buyers paying cash, there is no change in interest in demand for
homes. Actually, many buyers, who are
financing, are now feeling more rushed to purchase something, in case interest
rates continue to rise.
Distressed closed
sales, meaning a combination of REO’s and short sales, account for just
over thirty percent of all closed sales in July, similar to June. Total sales for July are about seventy
percent of June’s numbers. But the
number of pending sales increased in July to an amount almost equal to the
difference in sales. So sales will probably rise in future months. Single family home sales make up about
forty-five percent of sales, while condos/townhomes make up the other
fifty-five percent.
As in past months,
it is very common to have numerous offers and an over asking price offer
accepted in two weeks or less, on properties priced at market value or less. Most
homes are selling in a month or less. Foreign
buyers from South America, Europe, India, China, and all other parts of the
world continue to purchase investment properties and vacation homes in all
different areas of South Florida.
Amit Bhuta, ABR, CNS, e-PRO, Realtor-Associate
Coldwell Banker Residential Real Estate
Serving Miami-Dade and Broward County
(305) 439-3031 Cell
(305) 596-0081 Faxwww.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)
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