I did a county-wide market report for placement. You can click here to see it.
But people are interested in specific areas. Here's a market report for zip code 33032 in Homestead. This zip encompasses SW 157 Avenue and East to the bay from SW 232 Street to SW 280th Street.
If the county report looked somewhat skewed, this one's even more so!
The light green bar shows the number of homes available (single family, condos, townhouses combined). In November, there were 742.
The dark green bar shows the number of homes sold that month (again single family, condos, townhouses combined). In comparison, there were only 5 sales in this zip code in November.
The trend in this area has been more pronounced than the one in the county as a whole. In the last 15 months, the homes available for sale has steadily increased while the number of homes sold has steadily decreased. The gap is bigger than it is county-wide.
The ratio between For Sale and Sold shows the months of inventory available any given month. In November it was 148.4 (see below). This number depicts the months it would take to sell all the homes that are available right now if sales continued at the present rate. That is over 12 years!!
Of course, a home isn't going to sit on the market for 12 years. It simply means the competition is stiff. This is no time to speculate and see if anyone will "bite" on a home that's priced above what it should be. It's also almost futile to try and sell a home without the help of a professional.
If you want your home to be one of the ones sold this month make sure it's priced right. Today's buyer has way too many choices to waste his time and pre-qual letter on a home whose owner is being unrealistic with the asking price.
© December 2007 Maggie Dokic, Broker-Associate
Maggie Dokic is a licensed real estate broker in the state of Florida selling residential real estate in Miami, Palmetto Bay, Pinecrest, Coral Gables, Gables by the Sea, High Pines and the Redland.
For more information on our local real estate market, or to see or sell a home in Miami, Palmetto Bay, Pinecrest, Coral Gables or the Redland, visit my Miami Real Estate blog or contact me at Maggie (at) TheBlogThatAteMiami (dot) com.
The opinions expressed herein, are those of the author, and not necessarily of Prudential Florida Realty.
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