STATISTICS TELL THE STORY ABOUT SOUTH FLORIDA REAL ESTATE

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.

How many houses have sold in my area recently?  What’s the average list and sale price?  How long does it take to sell a house here?

The following sets will give you a snapshot of six different South Florida areas.  As you can see, Homestead, the capital of foreclosures is very active and price depressed.  The percent of list price is the difference between what was asked and what houses sold for.   You can read my article about foreclosures here.

COCONUT GROVE

SINGLE FAMILY SOLD      14
MEDIAN LIST PRICE         $824K
MEDIAN SALE PRICE        $759K
% OF LIST PRICE              92%
AVG DAYS ON MARKET   139

CORAL GABLES

SINGLE FAMILY SOLD      72
MEDIAN LIST PRICE         $612K
MEDIAN SALE PRICE        $560K
% OF LIST PRICE              91%
AVG DAYS ON MARKET  138

HOMESTEAD

SINGLE FAMILY SOLD      140
MEDIAN LIST PRICE         $170K
MEDIAN SALE PRICE        $162K
% OF LIST PRICE              96%
AVG DAYS ON MARKET  102

PALMETTO BAY

SINGLE FAMILY SOLD      38
MEDIAN LIST PRICE        $458K
MEDIAN SALE PRICE       $412K
% OF LIST PRICE              90%
AVG DAYS ON MARKET  126

PINECREST

SINGLE FAMILY SOLD      26
MEDIAN LIST PRICE        $925K
MEDIAN SALE PRICE       $865K
% OF LIST PRICE              94%
AVG DAYS ON MARKET  126

SOUTH MIAMI

SINGLE FAMILY SOLD      13
MEDIAN LIST PRICE         $450K
MEDIAN SALE PRICE        $447K
% OF LIST PRICE              99%
AVG DAYS ON MARKET  159