Real Estate Blog – Page 26

Single Family Prices Flat; Condo-Townhouses Spike

August 27, 2014October 25, 2014Mario AvalosLeave a comment

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.

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.

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.

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.

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.

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.

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

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

Three To Four Months To Sell Your Home

July 29, 2014October 25, 2014Mario AvalosLeave a comment

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

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

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

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

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

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

Condo-Townhouse Prices Up 27%.

July 3, 2014October 25, 2014Mario AvalosLeave a comment

Average Condo-Townhouse Price: Year-to-date May 2010 vs Year-to-date May 2014

Below graph details the comparison between the average condo-townhouse price in 2010 versus 2014 by city. For example. Kendall’s average condo-townhouse price year-to-date May 2010 was $106,239. Such average price has risen to $147,885 year-to-date May 2014.

How’s the single-family home market? Learn more.

Days On Market or DOM – Condo-Townhouse: Year-to-date May 2014

The below chart shows the number of days a property stays in the market for sale until it is sold. For example. Kendall’s DOM year-to-date May 2014 is 123 days. In other words, on average…from the moment a condo-townhouse hits the market for sale until it is sold is approximately 123 days.

Transaction Type – Condo-Townhouse: Year-to-date May 2014

The below graph details the type of sales taking place by city. For example. In Kendall…29% of all sold condo-townhouses are bank owned. Fifty-four percent are regular sales. And 17% of all sold condo-townhouses are short sales.