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November 2008 Newsletter
Sean Greco – Realtor®, CIPS, CDPE, CLHMS, GREEN Certified, TRC
Designations and Certifications are explained at the end of the newsletter
Buy the Beach Realty, Cell 786-877-9220, buybeach.com
Greetings from South Florida,
I hope this email finds you well and looking forward to comparing this month’s data with last month’s data to spot trends and decide for yourself the status of the local Real Estate market, of which I work within 24/7. You are receiving this because we have been in touch about Real Estate here in the South Florida area, most likely property at the Beach. As you read the newsletter from month to month it will contain data that will help you to analyze market conditions. In addition, it is an unobtrusive way to stay in touch with you regarding my Real Estate Consulting Services.
Please remember to view the Trends and Graphs to analyze where the market has been and make predictions on where you think the market is heading: http://www.miamipropertiesandparadise.com/professional11.shtml
New this month on the website is the following link that will take you to some of the short sales and foreclosures in the same specific target market I track data for in this newsletter:
In addition to this, there is another link that will take you to a chart that outlines some of the differences in consequences between a foreclosure and a short sale, it is vital to understand the processes and differences between the two: http://www.miamipropertiesandparadise.com/professional27.shtml
The below chart is data from the past 90 days for Condominiums, ending 10/31/08. The data is taken from South East Florida’s Multiple Listing Service (MLS) for the cities and townships of Miami Beach (South Beach, Mid Beach, & North Beach), Surfside, Bal Harbour, Bay Harbor Islands, and Fisher Island. The paragraph below the data will explain in more detail what is included in this analysis. Please don’t hesitate to pose any questions you may have, or simply give me a call or send me an email to discuss Real Estate in general. This data will help to analyze market conditions from month to month.
|
Price Range |
Active |
Closed |
Listings Expired |
% Listing Expired |
% Sold |
Avg DOM |
Average Discount |
New vs Resale |
|
$0 - $199,999 |
873 |
72 |
202 |
23.14% |
8.25% |
120 |
8% |
4 vs. 68 |
|
$200,000 - $249,999 |
439 |
27 |
83 |
18.91% |
6.15% |
141 |
13% |
0 vs. 27 |
|
$250,000 - $299,999 |
475 |
26 |
109 |
22.95% |
5.47% |
182 |
11% |
1 vs. 25 |
|
$300,000 - $349,999 |
295 |
27 |
64 |
21.69% |
9.15% |
118 |
7% |
9 vs. 18 |
|
$350,000 - $399,999 |
389 |
25 |
111 |
28.53% |
6.43% |
174 |
7% |
14 vs. 11 |
|
$400,000 - $499,999 |
458 |
40 |
102 |
22.27% |
8.73% |
137 |
11% |
19 vs. 21 |
|
$500,000 - $599,999 |
331 |
26 |
83 |
25.08% |
7.85% |
153 |
11% |
19 vs. 7 |
|
$600,000 - $699,999 |
245 |
20 |
53 |
21.63% |
8.16% |
181 |
10% |
13 vs. 7 |
|
$700,000 - $799,999 |
178 |
8 |
40 |
22.47% |
4.49% |
290 |
9% |
7 vs. 1 |
|
$800,000 - $899,999 |
128 |
5 |
26 |
20.31% |
3.91% |
263 |
11% |
4 vs. 1 |
|
$900,000 - $1,179,999 |
174 |
10 |
30 |
17.24% |
5.75% |
111 |
11% |
9 vs. 1 |
|
$1,180,000 - $1,399,999 |
130 |
9 |
42 |
32.31% |
6.92% |
206 |
16% |
8 vs. 1 |
|
$1,400,000 - $1,799,999 |
149 |
12 |
29 |
19.46% |
8.05% |
121 |
12% |
12 vs. 0 |
|
$1,800,000 - $2,199,999 |
82 |
5 |
8 |
9.76% |
6.10% |
125 |
16% |
5 vs. 0 |
|
$2,200,000 - $2,699,999 |
95 |
3 |
17 |
17.89% |
3.16% |
210 |
5% |
3 vs. 0 |
|
$2,700,000 - $3,199,999 |
41 |
4 |
7 |
17.07% |
9.76% |
395 |
11% |
4 vs. 0 |
|
$3,200,000 - $3,999,999 |
64 |
2 |
8 |
12.50% |
3.13% |
172 |
5% |
2 vs. 0 |
|
$4,000,000 - $4,999,999 |
45 |
2 |
4 |
8.89% |
4.44% |
350 |
11% |
2 vs. 0 |
|
$5,000,000 + |
84 |
2 |
11 |
13.10% |
2.38% |
91 |
15% |
2 vs. 0 |
|
Totals: |
4675 |
325 |
1029 |
22.01% |
6.95% |
186 |
11% |
137 vs. 188 |
As you can see, I have broken the data into price ranges, and then you can see the amount of Active condos for sale, how many Real Buyers Closed on a condo for sale, how many of those listing agreements Expired unsold, then further calculated what percent of the Active condos for sale Expired and Sold. Then I calculated the Average Days on Market (Avg DOM), which is the amount of days it took the condos that sold to obtain a Real Buyer. Then I show the Average Discount, which is the percentage the Listed Price was discounted to the Actual Sale Price for all Closed Sales. The last column is for Closed Sales that were newer construction, which I considered to be anything built after 1995, versus older buildings built before 1995. I track this data for Condominiums and Single Family Homes separately due to their differences. I also track the data for the more luxurious buildings of South Beach, please feel free to email or call for that data.
The next set of data below is the same information for Single Family Homes. The one difference is that the last column is the Average Age of the homes Sold.
|
Price Range |
Active |
Closed |
Listings Expired |
% Listing Expired |
% Sold |
Avg DOM |
Average Discount |
Average Age |
|
$0 - $399,999 |
18 |
9 |
1 |
5.56% |
50.00% |
130 |
7% |
1942 |
|
$400,000 - $499,999 |
38 |
4 |
8 |
21.05% |
10.53% |
168 |
14% |
1950 |
|
$500,000 - $649,999 |
53 |
3 |
16 |
30.19% |
5.66% |
179 |
13% |
1952 |
|
$650,000 - $799,999 |
53 |
3 |
8 |
15.09% |
5.66% |
67 |
8% |
1947 |
|
$800,000 - $999,999 |
61 |
3 |
16 |
26.23% |
4.92% |
67 |
8% |
1940 |
|
$1,000,000 - $1,299,999 |
47 |
3 |
9 |
19.15% |
6.38% |
191 |
15% |
1940 |
|
$1,300,000 - $1,599,999 |