Redland Real Estate Market Report November 2007

By
Real Estate Agent with eXp Realty LLC BK 3126272

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:

Miami Redland Market Report

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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. 

Redland Months Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Posted by

Maggie Dokic - Broker/Owner - Special Miami Homes

What's My Home Worth? Instant Response!       Search All Miami Homes - Updated from MLS Daily!

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 our Miami Real Estate site or contact us at Team (at) SpecialMiamiHomes (dot) com.

The opinions expressed herein, are those of the author, and not necessarily of  Special Miami Homes.

None of this information is to be deemed legal or financial advice.  Please contact your attorney or accountant for same.

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Rainer
110,262
Linda Scanlan
A Fan of AR - Burleson, TX
Maggie, you do a wonderful job on your market reports. I really need to get busy and do some for my area.
Dec 13, 2007 02:37 AM #1
Rainmaker
552,739
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Maggie,

Great graphs. Your last paragraph just about says it all.

Dec 13, 2007 04:48 AM #2
Ambassador
3,980,657
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert
Maggie, that ratio is not very good.  I hope you start to see a lot more Dark Green and less Light Green in the near future.
Dec 13, 2007 06:49 AM #3
Rainmaker
559,162
Maggie Dokic | Miami, FL | 888.883.8509 X101
eXp Realty LLC - Miami, FL
GREEN, CDPE, SFR, Pinecrest | Palmetto Bay |

Linda - thanks!  I try to do these monthly but I realized it's been a few months since the last ones!

Lynda - as much as we'd like to have it be otherwise, the numbers don't lie.... =)  Thanks.

George - me too!!  We're all waiting for the turnaround.

Dec 13, 2007 07:48 PM #4
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Rainmaker
559,162

Maggie Dokic | Miami, FL | 888.883.8509 X101

GREEN, CDPE, SFR, Pinecrest | Palmetto Bay |
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