Repeating what happened in August 2016, the the tri-county's level of single family home sales limped in September 2016, as follows:
Number Decrease Median
Homes Sold from 2015 Price % Increase
Miami-Dade County 1,066 11.0% $314,500 10%
Broward County 1,423 3.0% $325,000 12%
Palm Beach County 1,475 2.0% $316,000 11%
Despite the drop in number of units sold, median prices rose significantly in each of the counties. The median price means that half of the homes sold for more and half sold for less. The drop in units sold in Miami-Dade County is particularly high and reflects the lower number of international buyers in the market as well as low levels of inventory for sale.
Motivation to sell, and in some cases, to buy, is also low. Many homeowners who would like to sell and remain in the area are unable to find suitable replacement properties and elect to stay in their present homes. Buyers, in turn, are being cautious as they deal with higher prices. Homes priced above $300,000 must be in turnkey condition to sell because Buyers aren't taking on home improvement projects on top of higher prices. Finally, some area professionals believe that the presidential election could also be distracting enough housing consumers to keep them on the sidelines until after the election.
Nonetheless, for homeowners who are ready & highly motivated to sell, this remains an excellent time to list and sell their properties.
Contact me for a complimentary sales or purchase consultation.
Photo Credit: Patch.com
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