The numbers in Miami Dade County are pretty dismal as far as being a home seller goes. But it's a great time to be a buyer!
Here's the Miami area of the Redland (zip code 33031 only) and it's current real estate numbers:
More telling than the above numbers is the ratio between the two bars. It tells us how many months of inventory we have on hand at any given time. Those numbers are shown below.
When you're dealing with hyper local statistics it is sometimes misleading to look at one month's worth of data. Because the homes for sale in zip code 33031 are only 158 (in comparison to county-wide where they run into the thousands). To counter this effect we can take the last 3 months' numbers and average them. The 48.7 + 72.5 _ 39.5 average out to 53.56 which is actually right in line with the county numbers.
The Redland is selling at about the same pace of Miami-Dade County as a whole.
And while having 54 months' worth of inventory is not good news if you're a seller, it helps to know the facts so you can be better equipped to make decisions. Right off the bat, you know you can't speculate on the pricing. Price it right from the start. And make sure it's in tip top shape to compete with the rest of the inventory out there.
© December 2007 Maggie Dokic, Broker-Associate