Real Estate Market Report - November 2013 (so far)

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.

 

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 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)