Market Report for the Redland area of Miami as of 2/7/07
Here's a few numbers representative of the current real estate market conditions in historic Redland in Miami. These numbers are for Single Family Homes:
Homes for Sale: 89
Range of prices: $379.5K - $2.8m
Homes under contract: 13
Homes Sold in the last 30 days: 3
Inventory available: 29.67 months (or roughly 2.5 years)
The inventory number is calculated by dividing the number of homes for sale by the number of homes sold in the last month. This results in how "many months worth of homes" are presently available. That means that if every home listed for sale were to actually sell, it would take that many months to sell them. This is a very good number to keep your eye on. The higher the number the higher the indication that we're in a Buyer's Market (which we are). This is a great time to buy. It doesn't cost a buyer anything to use a REALTOR®. Consider finding a competent and caring professional to help you in your search.