M O N T H L Y
MARKET UPDATE M A R C H Â ' 1 7
MIAMI DADE
MIAMI DADE
March 2017 was a Buyer's market! The number of for sale listings was up 6.5% from one year earlier and down 0.1% from the previous month.The number of sold listings decreased 12% year over year and increased 19.9% month over month. The number of under contract listings was up 24.2% compared to the previous month and up 9.3% compared to the previous year. The Months of Inventory based on Closed Sales is 9.3, up 20.8% from the previous year. The Average Sold Price per Square Footage was up 1.1% compared to the previous month and up 8.2% compared to last year. The Median Sold Price increased by 4.5% from last month. The Average Sold Price also increased by 6% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Appreciating".
FOR SALE vs. SOLD
The Average Days on Market showed a neutral trend, an increase of 13% compared to the previous year. The ratio of Sold Price vs. Original List Price is 89%, a decrease of 1.1% compared to the previous year.
MIAMI DADE
FOR SALE vs. SOLD
IT IS A BUYER'S MARKET Property Sales (Sold) March property sales were 2274, down 12% from 2585 in March of 2016 and 19.9% higher than the 1897 sales last month. Current Inventory (For Sale) Versus last year, the total number of properties available this month is higher by 1297 units of 6.5%. 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 down 0.1% compared to the previous month. Property Under Contract (Pended) There was an increase of 24.2% in the pended properties in March, with 3281 properties versus 2642 last month. This month's pended property sales were 9.3% higher than at this time last year.
AVERAGE PRICE PER SQ. FT. MIAMI DADE
The Average Sold Price per Square Footage is Appreciating* The Average Sold Price per Square Footage is a great indicator for thedirection of property values. Since Median Sold Price and Average SoldPrice can be impacted by the 'mix' of high or low end properties in themarket, the Average Sold Price per Square Footage is a morenormalized indicator on the direction of property values. The March2017 Average Sold Price per Square Footage of $276 was up 1.1%Â from $273 last month and up 8.2% from $255 in March of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
DAYS ON MARKET MIAMI DADE
The Days on Market Shows Neutral 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 March 2017 was 87, up 1.2% from 86 days last month and up 13% from 77 days in March of last year. The Sold/Original List Price Ratio is Falling** 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 89% is up 2.3% % from last month and down from 1.1% in March 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 Appreciating* The Average For Sale Price in March was $1,035,000, down 0.9% from $1,044,000 in March of 2016 and up 0.7% from $1,028,000 last month. The Average Sold Price is Appreciating* The Average Sold Price in March was $474,000, up 16.2% from $408,000 in March of 2016 and up 6% from $447,000 last month. The Median Sold Price is Appreciating* The Median Sold Price in March was $277,000, up 15.4% from $240,000 in March of 2016 and up 4.5% from $265,000 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 March 2017 Months of Inventory based on Closed Sales of 9.3 was increased by 20.8% compared to last year and down 17% compared to last month. March 2017 is Buyer's market. Months of Inventory based on Pended Sales The March 2017 Months of Inventory based on Pended Sales of 6.5 was decreased by 1.5% compared to last year and down 18.7% compared to last month. March 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. Absorption Rate based on Closed Sales The March 2017 Absorption Rate based on Closed Sales of 10.7 wasdecreased by 17.7% compared to last year and up 20.1% compared tolast month. Absorption Rate based on Pended Sales The March 2017 Absorption Rate based on Pended Sales of 15.5 was increased by 2.6% compared to last year and up 24.1% compared tolast 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 April 2017, based on data available at the end of March 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 theSoutheast 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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