I recently had dinner with a developer client who asked me “So Beth, what’s it like to be at ground zero of the real estate market failure?” Honestly, I hadn’t thought about it quite so dramatically, but the answer is... it’s not that bad.
March brings a bit of long awaited hope. Although the inventory continues to climb, pending sales and closed sales are up a bit for the first time in 2007. I think the market is finally adjusting to reality... in other words – prices are finally coming down. Buyers are back in the market, but are looking for deals and the agents and sellers who are willing to work with the market.
I had a good laugh at Realtor sales tricks this weekend... in a real estate magazine instead of a banner that said “Reduced”, the tag line said “Recently Repriced”... gotta love it!
Looking to move your inventory into the Recently Repriced category? Use the stats, they speak for themsleves.
Other relevant stats:
¨ Inventory in months: 20.3 (Yes- that means that if no more properties come on the market – we can sell what we have in 16.3 months.
¨ Average Sales Price: $586,000 (Yikes! I’ll have to do a post on afforability)
¨ Median Price: $375,000(this number means that half of the sales are higher than this price and half below this price)
¨ Days on Market : 106 (No more 3 month listings!)
¨ Average Price/Square Foot: $282 (the highest in the last 15 months – the expensive segment of the market is one of the most active, interesting, right?)
For more market reports on anywhere in Miami-Dade and Broward counties... Reports
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