Aventura, FL 33180 – Single Family Homes as of 6/19/09

This Week

The median single family home price this week is $722,000.  Inventory has been tightening and days-on-market increasing recently.  The Market Action Index has been basically flat, not providing strong indication for market conditions.

Price

This week saw relatively little price change from last week, however, we continue to demonstrate a nice up trend over the last several weeks.

Price and Value

The market appears to be placing an increasing premium on homes.  When list prices and price per square foot consistently increase in tandem, as they are doing now, you often find short-term investment opportunities.  Watch the MAI for persistent changes as a leading indicator for these trends to flatten or drop.

Inventory

Inventory has been falling in recent weeks with 76 properties available this week.  Note that declining inventory alone does not signal a strengthening market.  Look to the MAI to gauge whether buyer interest is falling with the available supply.

Market Action Index (MAI)

The Market Action Index for Aventura – 33180 is strongly in the Buyer’s Market zone.  The 90-day MAI is at 14.  With several months of inventory available at the current sales rate, buyers should find ample choice.

Days on Market

The properties have been on the market for an average of 254 days.  Half of the listings have come newly on the market in the past 220 or so days.  Watch the 90-day DOM trend for signals of a changing market.

For more information contact me at (305) 329-4929 or solovay.m@ewm.com.