Real Estate Market Conditions for Miami shores, Bay Harbor Islands, Surfside and El Portal – Florida
Historically, the month of JUNE shows the highest amount of sales in the whole year, and this year, even in a very evident buyer’s market, that still remains true. Please keep in mind that the sales that appear in June are from contracts that were executed in the months of April and May – since contracts stipulate 30 to 60 day closings on the average. You can compare this month’s numbers to last month’s market report at Market Conditions for Miami Shores, Bay Harbor Islands, Surfside and El Portal
For Miami Shores – June’s sales represented 20% of sales for the whole year
For El Portal – there were no sales in the month of June – the market is very stagnant and there are 98 days of inventory.
For Bay Harbor Islands – June’s sales represented 50% of 2007 sales.
In Surfside – June’s sales were also 20% of the total sales for the year.
I like to show market conditions for these 4 cities because although they are very different markets, they are close in proximity and show similar trends. It is still a strong buyer’s market, which means that buyers do have the upper hand, have the power of negotiation and sellers should respond quickly and effective to any offers in order to make a deal happen. I do have to warn buyers, that sellers for the most part are flexible, but are not giving their properties away. Numbers show that these cities’ prices are remaining strong.
The flipping craze has ended since homes are sitting on the market for an average of 8 months before they sell. So if you are buying, make sure you are making a long term commitment and plan on staying in the property at least 2-3 years. All four cities show decrease months of inventory from last month’s numbers.
- Highest priced listing: $3,495,000
- Lowest priced listing : $305,000
- Properties currently under contract: 14
- Closed properties since 1/1/2007: 55 (20% of 2007 sales closed in June)
- According to the closed sales – there are 22 months of inventory in Miami Shores alone. (11 closings in the month of June)
- Highest priced listing: $5,800,000
- Lowest priced listing : $575,000
- Properties currently under contract: 1
- Closed properties since 1/1/2007: 4 (50% of 2007 sales closed in June)
- There are currently 33 months of inventory in Bay Harbor Islands with 2 closings in the month of June.
- Highest priced listing: $8,000,000
- Lowest priced listing : $495,000
- Properties currently under contract: 9
- Closed properties since 1/1/2007: 24 (20% of 2007 sales closed in June)
- There are currently 18 months of inventory in Surfside with 5 closings in the month of June.
- Highest priced listing: $925,000
- Lowest priced listing : $260,000
- Properties currently under contract: 3
- Closed properties since 1/1/2007: 3 (33% of 2007 sales cosed in June)
- There are currently 98 months of inventory in El Portal with 1 closing in the month of June.
So what do all these numbers mean? Sellers need to work harder, be flexible and make sure their properties are in tip-top condition and staged to be able to compete against the other listings. Buyers on the other hand…..it’s YOUR market, it is your time to buy and to make a move, although there are a lot of properties out there and could be difficult to make up your mind.
For more information about Miami Shores Real Estate, Bay Harbor Islands Real Estate, Surfside Real Estate and El Portal Real Estate, please contact RICK & INES at info@miamism.com