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Miami Dade County Market Update – through March 2007: Recently Repriced

By
Real Estate Broker/Owner with Beth Butler - Big Mouth Consulting

March 2007 MDC

 

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

Maggie Dokic | Indialantic
Magdalena Dokic - Indialantic, FL
Selling the beach in Florida's space coast
Beth, I love your use of a graph to demonstrate exactly what the numbers mean.  I need visual aids!  Your experience is evident in your commentary.  Congratulations on your first post.  It's great!
Apr 17, 2007 03:36 AM
Kevin Tomlinson
One Sotheby's International Realty- Miami Beach Real Estate - Miami Beach, FL
Miami Beach Real Estate

Hey Doll--

 

Congrats!!!!

 

Very interesting!

 

 

Apr 17, 2007 04:03 AM
Sarah Cooper
Real Estate Shows - Hurricane, WV
Welcome, Beth!  I'm Maggie's friend Sarah in West Virginia.  I look forward to reading more from you and like how you set us up to be looking forward to a post on affordablility.  Leave us looking for more!  ;o)
Apr 17, 2007 04:24 AM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
Thanks you all so much for your comments- keep them coming. The encouragement is great!
Apr 17, 2007 05:19 AM
Randi Rapp
Randi Rapp - Aventura, FL

Beth,

 Great post  ! How did you get that graph up there !

Randi Rapp

Apr 17, 2007 05:30 AM
Kelli Fronabarger
Bend River Realty Inc. - Bend, OR
Realtor - Bend Oregon

Hi Beth-

I'm also looking forward to that post on affordability. Our prices are crazy out west: ) Nice post and again, WELCOME to the rain !

Apr 17, 2007 05:42 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Coldwell Banker Realty
Beth - Welcome to the Rain and thanks for a great first blog post!  Maggie D. lured me over here with her post about you joining us!
Apr 17, 2007 07:40 AM
Uzi Husain
Keller Williams Integrity First - Scottsdale, AZ

Timely post thanks...I'm going to have to share this with my brother in SoFlo...

he needs help with his listing at the Preserves in Huntington in Miramar...he's got a gorgeous home (brand new and never lived in) I think the MLS is M1092347 - do you think you can help him get a buyer???

Cheers,
Uzi Husain
Arizona Realtor, serving Goodyear & The Phoenix metropolitan area 

 

Apr 17, 2007 09:20 AM
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
Welcome to Active Rain, Beth!  Maggie's post sent me over, and I do like your graph. Many people are more visual, so this helps.
Apr 17, 2007 11:38 AM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL

Hi Uzi:

Thanks for your comments.  I looked your brothers house up and have a few helpful hints.  First of all, the listing only shows one photo - which is not particularly compelling - advise him to have his realtor add more pictures and maybe even  virtual tour.  Also, looks like the price needs some attention.  The good enws is that there is a pending sale in the development - but it was priced $15,000 less than your brothers.  Price is super important in our market right now.  Active listings also show that he might be a bit high.  See for yourself.  Make sure you look at the active listing links and the recently sold.  Good Luck!

Apr 17, 2007 12:27 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Red Hook, NY
Mid Hudson Valley real estate connection
Once again welcome to AR.  In my marketplace some of the sellers will have to reprice in-order to move their property.  Your graph was really visually attractive.
Apr 17, 2007 03:07 PM
The Mortgage Oasis
The Mortgage Oasis - Fort Lauderdale, FL
Thank you for this information Beth. Definitely looking forward to the future...but realize we must still work with the market provided to us! Have to be in for the ups and downs!
Apr 17, 2007 04:04 PM
Patrick O'Connell
EWM Realtors - Coral Gables, FL

Hey Beth,

Thanks for the great "state of the union" regarding our market and working with developers.  We are heading into a market where opportunities will be abundant for those who can tough it out.  I have to quote something you said to a group of Realtors a few years ago in an office meeting (and this was in a really good market)...and I quote " This is not a business for ninnies...".  This is true now more than ever.

Apr 19, 2007 01:55 AM
Beth Butler
Beth Butler - Big Mouth Consulting - Miami, FL
Jennifer:  Tanks for the welcome and the comments on the graph.  

Shekeria:  You are so right. This market is actually full of opportunities.

Patrick : I forgot I even said that until I read your post, thanks for reminding me
Apr 21, 2007 03:20 PM
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