The inventory
for the Miami-Dade County real estate market increased nearly twenty-two
percent in October 2013 compared to October 2012. Also, sales went down approximately fifteen
percent this year compared to the same time period last year. So far in November inventory has continued to
rise and sales are down slightly as well.
They types of buyers are similar to previous months – investors, foreign
buyer, end users – but the amount of investors is continuing to decrease to
approximately twenty percent of sales. November’s
properties for sale are - single family homes at approximately 5,200 and condos/townhomes
accounting for approximately 9,200, which is a total of over 700 more
properties for sale since October. Out
of all the homes on the market for sale, about 81% are regular sales, while distressed
properties (REO’s and short sales) account for just under 19%. In the single family home segment, distressed
properties make up nearly 24% of the inventory, as opposed to making up only
about 17% of the condos/townhomes segment.
Sales for
the month continued to go down, as would be expected during this time of the
year. The increased inventory, higher
prices, higher interest rates, and slightly less investors, just like the past
few months, are many of the reasons for the drop off in sales. Homes are continuing to stay on the market
slightly longer than in the past few months.
Although there are still many cases where multiple offers are there for
properties priced at market value or below, there are less cases then in the
past. Just like in past months,
approximately forty percent of homes sold are distressed properties (REO’s and
short sales) and sixty percent regular sales.
As inventory continues to increase and sales decrease, it won’t be long
before we have a more stable real estate market, and eventually a buyer’s
market.
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