M O N T H L Y
MARKET UPDATE N O V E M B E R
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MIAMI-DADE COUNTY
MIAMI-DADE
 FOR SALE vs. SOLD
November 2018 is a Buyer's market! The number of for sale listings was up 7.5% from one year earlier and up 2.1% from the previous month. The number of sold listings decreased 10.6% year over year and fell 23.9% month over month. The number of under contract listings was down 15.6% compared to previous month and down 7.6% compared to last year. The Months of Inventory based on Closed Sales is 12.8, up 19.6% of the prior year. The Average Sold Price per Square Footage was up 6.5% compared to last month and up 9.4% compared to the previous year. The Median Sold Price decreased by 0.3% from last month. The Average Sold Price also increased by 10.4% from last month. Based on the 6month trend, the Average Sold Price trend is "Neutral," and the Median Sold Price trend is "Depreciating." The Average Days on Market showed a downward trend, a decrease of 5.6% compared to the previous year. The ratio of Sold Price vs. Original List Price is 91%, an increase of 1.1% compared with the year earlier.
MIAMI-DADE
FOR SALE vs. SOLD
It is a Buyer's Market Property Sales (Sold) November property sales were 1776, down 10.6% from 1986 in November of 2017 and 23.9% lower than the 2335 sales last month. Current Inventory (For Sale) Versus last year, the total number of properties available this month is higher by 1584 units of 7.5%. This year's more significant inventory means that buyers who waited to buy may have a bigger selection to choose from. The number of current stock is up 2.1% compared to the previous month. Property Under Contract (Pended) There was a decrease of 15.6% in the pended properties in November, with 2142 properties versus 2538 last month. This month's pended property sales were 7.6% lower than at this time last year.
AVERAGE PRICE PER SQ. FT. MIAMI-DADE
The Average Sold Price per Square Footage is Neutral* The Average Sold Price per Square Footage is an excellent indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or lowend properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The November 2018 Average Sold Price per Square Footage of $278 was up 6.5% from $261 last month and up 9.4% from $254 in November 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 tends to indicate a move towards more of a Buyer’s market; a downward trend means a step towards more of a Seller’s market. The DOM for November 2018 was 84, the same as last month and down 5.6% from 89 days in November of last year. The Sold/Original List Price Ratio Remains Steady** The Sold Price vs. Original List Price reveals the average amount that sellers agree to come down from their original list price. The lower the ratio is below 100%, the more of a Buyer’s market exists, a rate at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 91% is up 1.1% % from last month and up from 1.1% in November 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 November was $1,038,000, up 3.3% from $1,005,000 in November of 2017 and up 1.5% from $1,023,000 last month. The Average Sold Price is Neutral* The Average Sold Price in November was $456,000, up 9.9% from $415,000 in November of 2017 and up 10.4% from $413,000 last month. The Median Sold Price is Depreciating* The Median Sold Price in November was $292,000, up 4.3% from $280,000 in November of 2017 and down 0.3% from $293,000 last month.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
MONTHS OF INVENTORY MIAMI-DADE It is a Buyer's Market* A comparatively lower Months of Inventory is more beneficial for sellers while a higher month of inventory is better for buyers. Months of Inventory based on Closed Sales The November 2018 Months of Inventory based on Closed Sales of 12.8 was increased by 19.6% compared to last year and up 33.4% compared to last month. November 2018 is Buyer's market. Months of Inventory based on Pended Sales The November 2018 Months of Inventory based on Pended Sales of 10.7 was increased by 16.4% compared to last year and up 21.6% compared to last month. November 2018 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 It is a Buyer's Market* 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 November 2018 Absorption Rate based on Closed Sales of 7.8 was decreased by 17.1% compared to last year and down 24.9% compared to the previous month. Absorption Rate based on Pended Sales The November 2018 Absorption Rate based on Pended Sales of 9.4 was decreased by 13.7% compared to last year and down 17.6% compared to the previous 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 December 2018, based on data available at the end of November 2018, 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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