How’s the market in Dade County?

How's the market in Dade County?

First principle: Supply and demand is like a seesaw.

“Sellers Win” Market

SellersWin_Green

Low inventory creates upward pressure on values. The SELLER has the advantage.  Time (meaning one to three years) is on the side of the seller.

“Neutral” or Balanced Market

BalancedMarket

If inventory and demand are balanced, values are normally stable. Neither buyers nor sellers have an advantage.  This type of market tends to be brief, and is usually a transition from one type of market to another.

“Buyers Win” Market

BuyersWin_Red

High inventory creates downward pressure on values. The BUYER has the advantage.  Time (meaning one to three years) is on the side of the buyer

A Tale of Two Markets

As of this writing, the market is sharply divided.  There are not enough single family houses or town houses to meet buyer demand.  Multiple offers are common, especially in price ranges below $750,000.  The entire condo market, and the market for town homes priced at $1,000,000 and up are experiencing conditions that are exactly the opposite. Condo buyers have more than enough to choose from, and condo values in many locations have been declining.

Affordability in our area is suffering with high property taxes and insurance.  The condo market has more variables to consider than the market for single family houses. Oceanfront locations, 55+ complexes, assessments, reserves, minimum down payments, pending lawsuits and other factors can create unique markets for individual condo complexes.

Most condo sellers are pricing themselves “out of the market”.  Their properties are listed for sale, but at a price that causes the property to sit instead of causing it to sell. For additional information, please see the two illustrations below, and refer to our section on how to sell your home fastMany of today’s  condo buyers have a “wait and see” attitude, while buyers for single family homes are finding themselves in bidding wars, especially in price ranges below $750,000.

For more exact guidance, please contact Orli Rudolph directly at (305) 778-7109 or Matthew Jerry at (954) 290-4447.

Seller's Market

Seller's Market
This is the type of market most Sellers in south Florida are accustomed to. Most of the homes for sale are priced IN the market. Prices for similar properties are in a smaller range. Only those that are severely overpriced are priced OUT of the market.

Buyer's Market

Buyer's Market
In this type of market, most of the properties for sale are actually priced OUT of the market, and have no real chance of selling. In order to be priced IN the market, sellers in a buyer's market must price much more competitively and aggressively than their neighbors. Only the very best deals will sell.

Single Family Homes

The orange columns show the average days on markets for the homes that sold that month. The green line shows the percentage of the listing price that the seller sold for, on average.

Condos, Co-ops, Villas and Townhomes

The orange columns show the average days on markets for the homes that sold that month. The green line shows the percentage of the listing price that the seller sold for, on average.

Last 15 years, all property types, all price ranges

This graph show the properties that were available for sale and the number that sold during the last 15 years.

Average Sale price (in red) for the last 15 years

This graph shows the average asking price and the average sale price during the last 15 years. It should be noted that the large gap between the two is due to the large number of unsold properties in higher price ranges. It has nothing to do with what a normal seller gets as a percentage of their asking price.

Houses only, the average sale price is indicated by the red line

It should be noted that the difference in the average asking price and the average sales price is due to the large number of unsold properties in the higher price ranges. The amount the average seller gets of their sales price is posted in another chart located here.

Condo’s, Co-ops, Townhomes, the average sale price in indicated by the red line

t should be noted that the difference in the average asking price and the average sales price is due to the large number of unsold properties in the higher price ranges. The amount the average seller gets of their sales price is posted in another chart located here.

SINGLE-FAMILY HOUSES

Houses 0 to $299,999

Houses $300,000 to $499,999

Houses $500,000 to $699,999

Houses $700,000 to $999,999

Houses $1 million to $2 million

CONDOS

Condos 0 to $249,000

Condos $250,000 to $349,000

Condos $350,000 to $499,000

Condos $500,000 to $699,000

Condos $700,000 to $999,000

Condos $1 million to $2 million

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