kendall

Home Prices Spike. And There Are No Homes For Sale!

Mario AvalosLeave a comment

It’s a seller’s market throughout Miami as prices get hot during the first quarter of 2015. Quite a turn around from the later half of 2014.  Why the rebound? Foreclosures are no where to be seen and equity sellers (regular home owners like you and I) are gripping to their homes with vengeance reclaiming what they had lost in value since the real estate crisis.

This lack of inventory is giving buyers little to choose from and even lesser price negotiation leverage.  Sellers are literally getting away with murder by asking what they want for their home, and getting it.

Average Sold Price Miami Florida 2015

What’s the outlook? If you ask a seller, bright. If you’re asking a buyer, it sucks. The foreclosure market is expected to continue to dwindle.  The economy is expected to continue to improve.  And as long as home price appreciation meets or exceeds  the cost for home owners to hold onto their properties, the expectation is that they’ll wait “a bit longer” to sell.

What was the average home worth in 2010 vs now is 2015? See below graph.

average single family price miami

How long are single family homes staying in the market until they are sold? See below graph.

days on market single family home miami

What type of sales are dominating your neighborhood? See below graph.

type of single family home sale in miami

7900 SW 102 PL Miami FL $250,000 (SOLD)

Mario AvalosLeave a comment

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FHA/VA OK! Ready to move in canal-front and corner town-home in the heart of Kendall. Open living and dining room layout with tiled flooring, 4-inch baseboards, and extra large sliding glass doors.  Open kitchen layout with granite counter tops, stainless steel appliances, and hanging exhaust vent above cook-top.  Updated bathrooms and brand new AC. Spacious patio leading to common lawn area and canal, excellent for pets. Hurricane impact windows. Gated car-port in addition to driveway and guest parking.

Property Details:

  • Transaction Type: Seller Representation
  • Address: 7900 SW 102 PL
  • City, State and Zip: Miami, FL 33173
  • Asking Price for sale: $250,000
  • Short sale or foreclosure: no / no
  • Type of property: townhouse
  • Living size (sqft): 1,320
  • Year built: 1970
  • Beds, full baths and half baths: 3 / 2 / 1
  • Garage: 0
  • Water front or access: yes / yes
  • Exterior walls and roof: concrete / shingle
  • Floor and pool: carpet, tile / no
  • Heating and cooling: central / central
  • Sewer: municipal

What’s Up Around This Home?

 

Monthly Mortgage Payment at 4.5% interest rate, 30-year fixed, and purchase price of $250,000:

  • FHA loan with 3.5% down: $1,222
  • Conventional loan with 5% down: $1,203
  • Conventional loan with 10% down: $1,140
  • Conventional loan with 20% down: $1,013

Need other mortgage scenarios? Mortgage Calculator

Local Schools:

Location:

 

Area Demographics:

  • Average Income: $70,298
  • Population: 36,626
  • Owners vs Renters: 68% and 32%

Check out the latest Kendall 33173 Demographic Summary or Kendall 33173 Demographics Detailed analysis.

Nearest Rotary Clubs:

What’s Rotary? Neighbors, community leaders, and global citizens uniting for the common good. Learn more at Rotary.org

Questions? Call / Text 305.305.1535 or Email Me!

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11503 SW 107 AV Kendall’s Pine Acres FL $325,000 (SOLD)

Mario AvalosLeave a comment

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Property Details

  • Transaction Type: Buyer Representation
  • Address: 11503 SW 107 AV
  • City, State and Zip: Miami, FL 33176
  • Asking Price: $325,000
  • Short sale or foreclosure: no / no
  • Type of property: Single family home
  • Living size (sqft): 1,893
  • Year built: 1968
  • Beds, full baths and half baths: 3 / 2
  • Water front or access: no / no
  • Exterior walls: concrete
  • Floor and pool: tile/ no
  • Heating and cooling: central / central
  • Sewer: municipal

What’s Up Around This Home?

 

Local Schools:

Location:

 

Area Demographics:

  • Average Income: $90,494
  • Population: 49,933
  • Owners vs Renters: 76% and 24%

Check out the latest Kendall 33176 Demographic Summary or Kendall 33176 Demographics Detailed analysis.

Nearest Rotary Clubs:

What’s Rotary? Neighbors, community leaders, and global citizens uniting for the common good. Learn more at Rotary.org

Questions? Call / Text 305.305.1535 or Email Me!

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Miami Home Prices Cool As We Exit 2014

Mario AvalosLeave a comment

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.

price trend single fmaily homes

 

Average Single Family Home Price – Below graph details the comparison between the average home price YTD Nov 2010 versus YTD Nov 2014 by city.

price comparison single family homes

 

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.

days on market single family homes

 

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!

type of sale single family homes