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Rising Miami Home Prices, Inventory Shortage Create Opportunity for Sellers

Rising Miami Home Prices, Inventory Shortage Create Opportunity for SellersHousing Prices

Submitted by Lynda Fernandez

Miami, FL – Miami home prices rose again in September, marking 10 consecutive months of appreciation, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of Miami-Dade condominiums, which has increased each of the last 15 months, rose 36.2 percent to $150,000 compared to a year earlier. The median sales price of single-family homes rose 8.6 percent to $190,000.

“The Miami real estate market continues to strengthen despite the shortage of housing inventory,” said 2012 Chairman of the Board of the MIAMI Association of REALTORS Martha Pomares. “We’ve seen nearly an entire year of significant monthly price increases, which makes now a great time to sell a home. Miami properties sell very quickly and draw multiple offers when priced right.”

In September the average sales price for condominiums in Miami-Dade County increased 30.2 percent to $277,774. The average sales price for single-family homes decreased 6.1 percent to $315,521.

Florida Statewide Home Prices

Statewide median sales prices in September increased 7.4 percent to $145,000 for single-family homes and 18.8 percent to $105,376 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $183,900 in September, an 11.3 percent increase from September 2011, according to the National Association of Realtors (NAR).

Miami Home Sales Rise Again in September

Total residential sales in Miami-Dade County Read the rest of this entry »

Written by Michael Solovay | Discussion: 1 Comment »

Miami Real Estate Market Focus

Miami Real Estate Market Focus

Miami-Dade Stats – August 2012

Miami-Dade Stats - August 2012We see year over year increases in closed sales, median sales price and average sales price for both single family homes and condos.  Current inventory and distressed sales are both down as compared to this same time last year.

** stats provided by the MIAMI Association of REALTORS. Copyright MIAMI, reprinted with permission.

I hope you find this information useful.  Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]


Written by Michael Solovay | Discussion: No Comments »

The Market in a Minute

The Market in a Minute
[youtube]http://www.youtube.com/watch?v=fNZ9ziEQzE4[/youtube]

Dr. John Tuccillo, Florida Realtors Chief Economist, reports that the positive trend in Florida continues across the board.

I hope this information is useful to you.  Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

South Florida Residential Inventory

South Florida Residential Inventory

South Florida Inventory

Compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service. Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing. — Christopher Cameron

I hope you find this information useful.  Contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Top 5 Reasons to Buy a Home

Top 5 Reasons to Buy a HomeTop 5

1. Housing Affordability Still at Record High Levels

Each month the National Association of Realtors issues its “Housing Affordability Index,” which measures the ability of the average family, in a particular geographical area, to afford the average priced home for that area.  In February 2012 the national affordability index was 206.6.  This means that if a family with the median income of $60,974 wanted to purchase a median-priced existing singlefamily home at $157,100 (with a 20% down payment of $31,420), they would have 206.6% of the qualifying income needed to purchase that home.

2. Interest Rates Are at Historic Lows

It’s still a great time to take advantage of historically low interest rates.

3. Tax Advantages of Homeownership

Whether you’re a first-time buyer, up-sizing, or down-sizing, most homeowners qualify for tax breaks annually.  Please consult a tax advisor.

  • Interest paid on a home mortgage maybe tax deductible (up to the value of the primary residence)
  • Property taxes are typically deductible for most homeowners

Plus, for most homeowners, there are no capital gains taxes when a primary residence is sold.  Please consult a tax advisor.

4. Inventory of short sale Real Estate Owned (REO) properties

Also called lender-mediated, lender-owned, or non-traditional, these properties may appeal to bargain hunters looking for that hidden gem.

5. Inventory of homes overall is at an 6.4-month supply nationally. It is a buyer’s market!

More than 6 months of housing inventory indicates that it’s a buyer’s market, where traditionally buyers enjoy more choices and more bargaining power.

Regional differences in housing affordability from February 2011 to February 2012

Housing Affordability by Region

Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

What’s Happening in Florida’s Housing Market?

What’s Happening in Florida’s Housing Market?

In this Market Minute, Florida Realtors® Chief Economist Dr. John Tuccillo updates you on the state’s latest housing statistics and provides insight into what the numbers really mean.

I hope you find this information useful.  Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

South Florida Residential Inventory

South Florida Residential Inventory

South Florida Residential Inventory

Compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service. Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing.

I can assist you with all your South Florida real estate needs. Contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: 1 Comment »

Aventura, FL Real Estate Market Conditions (May 6, 2011) – Single Family

7-day stats for Single Family properties in
MIAMI, FL33180 – Aventura as of May 6, 2011
Median List Price $799,000 Average List Price $923,051
Total Inventory 55 Price per Square Foot $261
Average Home Size 2,935 Median Lot Size 7,990
Average # Beds 3.87 Average # Baths 3.45
Homes Absorbed 5 Newly Listed 1
Days on Market 253 Average Age 29

Median Price for homes in MIAMI, FL 33180 - Aventura

Median Price for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is $799,000

Inventory for homes in MIAMI, FL 33180 - Aventura

Inventory for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is 55

Average Days on Market for homes in MIAMI, FL 33180 - Aventura

Average Days on Market for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is 253

Median Price per Sqft for homes in MIAMI, FL 33180 - Aventura

Median Price per Sqft for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is $261

Written by Michael Solovay | Discussion: No Comments »

Aventura, FL Real Estate Market Conditions (May 6, 2011) – Condo

90-day stats for Condo properties in
MIAMI, FL33180 – Aventura as of May 6, 2011
Median List Price $357,539 Average List Price $499,459
Total Inventory 892 Price per Square Foot $246
Average Home Size 1,466 Median Lot Size n/a
Average # Beds 2.31 Average # Baths 2.45
Homes Absorbed 44 Newly Listed 35
Days on Market 244 Average Age 19

Median Price for homes in MIAMI, FL 33180 - Aventura

Median Price for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is $357,539

Inventory for homes in MIAMI, FL 33180 - Aventura

Inventory for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is 892

Average Days on Market for homes in MIAMI, FL 33180 - Aventura

Average Days on Market for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is 244

Median Price per Sqft for homes in MIAMI, FL 33180 - Aventura

Median Price per Sqft for homes in MIAMI, FL 33180 – Aventura as of May 6, 2011 is $246

Written by Michael Solovay | Discussion: No Comments »

Do You Believe It’s A Good Time To Sell Your Home?

Do You Believe It’s A Good Time To Sell Your Home?For Sale

In a recent Keeping Current Matters blog post by Steve Harney entitled Selling Your House?  5 Reasons To Do It NOW!, Steve gives us 5 strong reasons to sell now instead of waiting until later in the year.

1)  Interest Rates Are On The Rise

Interest rates are now over 5%.  As rates increase, the mortgage amount a buyer qualifies for decreases.  Eventually this will have a negative impact on prices.

2)  Your Dream Home Will Never Be Cheaper

If you are buying, COST should be more important than PRICE.  Cost can be dramatically impacted by rising mortgage interest rates.

3)  Buyers Are Out Early

Mounting evidence is showing that buyers are coming out earlier this year than the ‘Spring Buying Season’ due to the believe that now is a good time to buy.  That coupled with the increase in interest rates has started the buying season early.

Pete Flint, CEO of Trulia:

“We’re seeing a national resurgence of buyer and seller activity on Trulia.com.  In January alone, we expierenced an unprecedented level of site traffic including 11 million unique visitors – which is more than 70% year-over-year growth.  We are now experiencing 100,000 property views per minute.”

The National Association of Realtors just reported that the number of house sales increased 12.9% over last month.

4)  Inventory Increases Every Spring

Here is the number of listings available for sale in 2010

  • February – 3,531,000
  • March – 3,626,000
  • April – 4,029,000

Steve Harney believes that there will be an increase in these numbers in 2011 as there is a pent-up selling demand created by the weak market of the last few years.  If you sell now you won’t have to worry about this increasing competition.

5)  We Are In The Eye Of The Foreclosure Storm

As banks try to correct their foreclosure procedures, there is a large supply of discounted properties which have been delayed coming to market.  This inventory will be released sometime in the next few months.  Foreclosures sell on average at a 41% discount.  When they are released these properties will be competing with your house for buyers.  If you are looking to sell in 2011, you want to sell before this inventory becomes your competition.

Let’s sit down today and discuss the best options for you.  You can contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

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