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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.

SELECT SOUTH FLORIDA CITIES HOUSE SALES STATISTICS

Here are some current house sales statistics for selected municipalities that I am interested in.  (I either have listings there or have sold there recently.  I try to keep current on the basics so that when someone asks me a question,  I have an answer ready.)  The statistics below on based on the last ninety days as of this writing and are grouped by city.  (Not good for a formal price opinion, but good for a general idea of things.)  For an accurate methodology on pricing your home, see my article here. These are the main variables people want to know: Read the rest of this entry »