Single Family Prices Flat; Condo-Townhouses Spike


Overall, the single family residence market reflects a flat trend in both price appreciation and number of closings during the last four months (see below graph). These figures are expected to continue for the remainder of 2014 and well into 2015.

Why is this happening? Home values and borrower-income are reaching equilibrium.  In other words, consumers are buying at maximum home price based on their salary or comfort level.  Among other factors, for home values to go up, take-home-pay must increase.  Until then, unless home inventory or interest rates significantly drop, prices should remain flat.

trend sfr

With the exception of July, condos and townhouses are following the same pattern as single family residences (see below graph). This spike is July may be a result of home buyers opting not to purchase single family units, and rather go for the more affordable condo/townhome.

Above and below graphs contain combined pricing and volume data for the following cities: Coconut Grove, Coral Gables, Cutler Bay, Kendall, Palmetto Bay, Pinecrest, South Miami, Sweetwater, The Roads, West Miami and Westchester.

trend th condo

Average Home Price – Single Family – Year-to-date July 2010 vs Year-to-date July 2014 – Below graph details the comparison between the average home price in 2010 versus 2014 by city.

ave price sfr

Average Home Price – Condo/Town Home – Year-to-date July 2010 vs Year-to-date July 2014 – Below graph details the comparison between the average home price in 2010 versus 2014 by city.

ave price th condo

Days On Market or DOM – Single Family – Year-to-date July 2014 – The below chart shows the number of days a property stays in the market for sale until it is sold.

dom sfr

Days On Market or DOM – Condo/Town Home – Year-to-date July 2014 – The below chart shows the number of days a property stays in the market for sale until it is sold.

dom th condo

Transaction Type – Single Family – Year-to-date July 2014 – The below graph details the type of sales taking place by city.

type sfr

Transaction Type – Condo/Town Home – Year-to-date July 2014 – The below graph details the type of sales taking place by city.

type th condo

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