M O N T H L Y
MARKET UPDATE A U G U S T ' 1 7
MIAMI DADE
MIAMI DADE
August 2017Â was a Buyer's market! The number of for sale listings was up 6.2% from one year earlier and up 0.3% from the previous month. The number of sold listings decreased 18.1% year over year and decreased 8.1% month over month. The number of under contract listings was up 20.3% compared to the previous month and up 13.4% compared to the previous year. The Months of Inventory based on Closed Sales is 10, up 29.8% from the previous year. The Average Sold Price per Square Footage was down 4.6% compared to the previous month and up 5.5% compared to last year. The Median Sold Price increased by 2.5% from last month. The Average Sold Price also decreased by 6.1% from last month. Based on the 6 month trend, the Average Sold Price trend is "Depreciating" and the Median Sold Price trend is "Appreciating".
 FOR SALE vs. SOLD
The Average Days on Market showed a downward trend, an increase of 3.9% compared to the previous year. The ratio of Sold Price vs. Original List Price is 90%, a decrease of 1.1% compared to the previous year.
MIAMI DADE
FOR SALE vs. SOLD
IT'S A BUYER'S MARKET Property Sales (Sold) August property sales were 2088, down 18.1% from 2549 in August of 2016 and 8.1% lower than the 2271 sales last month. Current Inventory (For Sale) Versus last year, the total number of properties available this month is higher by 1217 units of 6.2%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 0.3% compared to the previous month. Property Under Contract (Pended) There was an increase of 20.3% in the pended properties in August, with 2838 properties versus 2359 last month. This month's pended property sales were 13.4% higher than at this time last year.
AVERAGE PRICE PER SQ. FT. MIAMI DADE
The Average Sold Price per Square Footage is Depreciating* The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The August 2017 Average Sold Price per Square Footage of $250 was down 4.6% from $262 last month and up 5.5% from $237 in August of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
DAYS ON MARKET MIAMI DADE
The Days on Market Shows Downward Trend* The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for August 2017 was 80, down 3.6% from 83 days last month and up 3.9% from 77 days in August of last year. The Sold/Original List Price Ratio Remains Steady** The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 90% is the same as last month and down from 1.1% in August of last year.
* Based on 6 month trend – Upward/Downward/Neutral ** Based on 6 month trend – Rising/Falling/Remains Steady
AVERAGE PRICE FOR SALE & SOLD MIAMI DADE
The Average For Sale Price is Neutral* The Average For Sale Price in August was $1,027,000, up 1.3% from $1,014,000 in August of 2016 and up 0.1% from $1,026,000 last month. The Average Sold Price is Depreciating* The Average Sold Price in August was $402,000, up 2.3% from $393,000 in August of 2016 and down 6.1% from $428,000 last month. The Median Sold Price is Appreciating* The Median Sold Price in August was $285,000, up 8.4% from $263,000 in August of 2016 and up 2.5% from $278,000 last month.
* Based on 6 month trend – Upward/Downward/Neutral
MONTHS OF INVENTORY MIAMI DADE
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers. Months of Inventory based on Closed Sales The August 2017 Months of Inventory based on Closed Sales of 10 was increased by 29.8% compared to last year and up 8.7% compared to last month. August 2017 is Buyer's market. Months of Inventory based on Pended Sales The August 2017 Months of Inventory based on Pended Sales of 7.4 was decreased by 6.4% compared to last year and down 15.8% compared to last month. August 2017 is Buyer's market.
*Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory
ABSORPTION RATE MIAMI DADE
Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month. The August 2017 Absorption Rate based on Closed Sales of 10 was decreased by 22.4% compared to last year and down 8.3% compared to last month. The August 2017 Absorption Rate based on Pended Sales of 13.6 was increased by 7.1% compared to last year and up 20.3% compared to last month.
*Buyer’s market: 16.67% and below Seller’s market: 33.33% and above Neutral market: 16.67% - 33.33% All reports are published September 2017, based on data available at the end of August 2017, except for the today stats. This representation is based in whole or in part on data supplied by the Realtor Association of Miami, the Greater Fort Lauderdale Realtors, or the Southeast Florida Multiple Listing Service (MLS). Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market.
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