Real Estate Market Report - October 2013 (so far)

The inventory for the Miami-Dade County real estate market increased over sixteen percent in September 2012 compared to September 2013.  Sales only increased slightly more than one percent during the same time period, with the type of buyers being similar to past months.  October’s inventory for properties for sale is similar to last months, with a slight increase.  The number of single family homes on the market for sale is currently just over 5,000, with condos/townhomes accounting for approximately 8,700.  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 25% of the inventory, as opposed to making up only about 15% 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 are many of the reasons for the drop off in sales.  Homes are starting to stay on the market slightly longer than in the past few months.  Properties priced at market value or below are continuing to have multiple offers and are selling quickly at asking price or above asking price.  Homes that are priced too high aren’t selling and are expiring, unless price reductions are taking place.  Although a very high percentage of sales are selling to cash buyers, when there are multiple offer situations, there are less cash buyers than in the past.  A breakdown of this month’s sales are – regular sales (67%), REO’s (20%), and Short Sales (13%).  If the trends continue, expect to see more inventory, less sales, and longer times on the market for homes selling.

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)