In summary, number of sold properties continue to decline back to levels seen at the beginning of the year, and prices barely remain flat if you look back to Jan 2014.
What’s the outlook? Not much until we get passed the holiday season. History dictates low activity during this time of the year, and 2014 shows no exception with 390 properties sold in Nov at an average price of $479,000 throughout southern neighborhoods in Miami-Dade County.
Average Single Family Home Price – Below graph details the comparison between the average home price YTD Nov 2010 versus YTD Nov 2014 by city.
Days On Market For Single Family Homes – It’s taking approximately 123 days for a property to sell from the moment it enters the market YTD Nov 2014. This figure has virtually remained unchanged throughout 2014. Surprisingly, homes located in “luxury areas” such as Coral Gables (115 days) or Pinecrest (138 days) have sold at a not so distant pace compared to more affordable locations such as Sweetwater (120 days) or Westchester (120 days). Typically, luxury homes tend to stay in the market for sale for a longer period of time relative to middle income single family residences.
Transaction Type – Single Family – The below graph details the type of sales taking place by city YTD Nov 2014. Coral Gables, Pinecrest, and Coconut Grove lead the pack with the lowest levels of short sales and foreclosure activity at just under 15% of total sales. This is pretty significant considering each of the other areas command short sales and foreclosure transactions at no less than about 30% of total units sold. That’s double the amount!