Real Estate Feast

Four statistics that tell the whole South Miami/Coral Gables real estate story

You can see the state of the South Florida real estate market in South Miami and Coral Gables by taking a look at just four numbers that come from the SE Florida MLS.

$900,000.  That’s the median price of the 667 single family homes actively for sale in the two cities. 

$780,000.  That’s the median price of the 616 single family homes whose listings have expired.  The owners gave up after dropping their prices, but not dropping them enough to sell.

$635,000.  That’s the median price of the 189 single family homes that have sold in the last six months.  Notice the significant difference in the three numbers above. 

$562,000.  That’s the median price of the 74 single family homes that are “pended”, meaning that they have a contract, but we won’t know the actual sale price until they close, usually five percent less.   Prices have dropped a lot since these these listings pended. 

There are two lessons here. 

If you’re a buyer, now’s the time to get into the market.  Interest rates are low and there are plenty of bargains to be had.  Yes, prices might go down yet, but if you’re going to stay in your home for a few years, now is the time to take advantage of the low interest rates and low prices.

If you’re a seller, you’re going to have to drop your price significantly to make a sale in this market. 

If you’d like me to perform this analysis for your city or zip code you can reach me at 305-401-8058 or bishopric.r@ewm.com.

This entry was posted on Tuesday, December 9th, 2008 at 10:57 am and is filed under Real Estate News, Real Estate Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. James R Venney said at December 13th, 2008 at 8:22 pm

   Bob,

   This post is a very interesting…these stats really illustrate the disconnect between market reality and seller expectation.

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