M O N T H L Y
MARKET UPDATE M A Y ' 1 7
MIAMI DADE
MIAMI DADE
May 2017 is a Buyer's market! The number of for sale listings was up 5.3% from one year earlier and down 0.2% from the previous month. The number of sold listings increased 0.6% year over year and increased 9% month over month. The number of under contract listings was up 12.8%compared to the previous month and up 9% compared to the previous year. The Months of Inventory based on Closed Sales is 8.1, up 3.9% from the previous year. The Average Sold Price per Square Footage was up 0.8% compared to the previous month and up 6.8% compared to last year. The Median Sold Price decreased by 1.8% from last month. The Average Sold Price also decreased by 0.9% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral".
FOR SALE vs. SOLD
The Average Days on Market showed an upward trend, an increase of 17.6% 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 IS A BUYER'S MARKET Property Sales (Sold) May property sales were 2557, up 0.6% from 2541 in May of 2016 and 9% higher than the 2346 sales last month. Current Inventory (For Sale) Versus last year, the total number of properties available this month is higher by 1047 units of 5.3%. 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 0.2% compared to the previous month. Property Under Contract (Pended) There was an increase of 12.8% in the pended properties in May, with 3071 properties versus 2723 last month. This month's pended property sales were 9% 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 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 May 2017 Average Sold Price per Square Footage of $267 was up 0.8% from$265 last month and up 6.8% from $250 in May of last year.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
DAYS ON MARKET MIAMI DADE
The Days on Market Shows Upward 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 May 2017 was 87, up 2.4% from 85 days last month and up 17.6% from 74 days in May of last year. The Sold/Original List Price Ratio is Rising** 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 May 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 May was $1,045,000, down 0.8% from$1,053,000 in May of 2016 and down 0.4% from $1,049,000 last month. The Average Sold Price is Neutral* The Average Sold Price in May was $431,000, up 7.8% from $400,000 in May of 2016 and down 0.9% from $435,000 last month. The Median Sold Price is Neutral* The Median Sold Price in May was $275,000, up 7.8% from $255,000 in May of 2016 and down 1.8% from $280,000 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 May 2017 Months of Inventory based on Closed Sales of 8.1 was increased by 3.9% compared to last year and down 9% compared to last month. May 2017 is Buyer's market. Months of Inventory based on Pended Sales The May 2017 Months of Inventory based on Pended Sales of 6.8 was decreased by 2.8% compared to last year and down 11.8% compared to last month. May 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 May 2017 Absorption Rate based on Closed Sales of 12.3 was decreased by 3.9% compared to last year and up 9.8% compared to last month. Absorption Rate based on Pended Sales The May 2017 Absorption Rate based on Pended Sales of 14.7 was increased by 3.5% compared to last year and up 12.3% 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 June 2017, based on data available at the end of May 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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