Through November 21, 2017, 1048 Single-Family Homes were sold in area 50, which includes Palmetto Bay, The Falls and Pinecrest. Another 379 Condominiums, Townhouses and Villas combined. The total sales results take us above 1427 homes traded in our market. The average sales prices were $666,152 and $253,922 respectively. There were additional sales which took place that are not recorded in MLS.
It was an excellent market to buy and sell your home and we’re motivated to do so. Even with the impact of Irma, buyers were clamoring in October and November. December promises a strong closing to the year with 156 SFH pending sale and 60 Condos.
In our business, this year the buyers overwhelmingly financed their purchase. The cash buyers were spotted, but few. The sellers we’ve been privileged to work with have been responsive to market conditions and willing to sell at fair market value. From Aventura to Cutler Bay we helped sellers and buyers realize their real estate transactions.
The inventory levels ending the year are also very promising. There are currently 535 SFH homes for sale, approximately 6 months based on closed sales. 180 Condos are active for sale, similarly a six-month supply. Generally, we have a normal and stable market. As is to be expected, the buyer pool for listings above $1 million is much smaller than that of listings in the $500k range.
The impact is there are 214 SFH for sale that are priced above $1 million and only 148 closed sales for the same 11-month period ending in November. The luxury market decidedly favors buyers whereas sellers are forced into fierce competition. Price is king in this market. Further, concessions are to be considered that may include credits for upgrades. Great time to buy in this market! There are great deals everywhere, including that beautiful Family Compound on a 2.2 buildable acre lot on the adjacent page. What a time to buy into luxury!
The conclusion is that we’re blessed to be in a market where we can sell our homes, buy our new homes and enjoy a very active market. In most cases both sellers and buyers will enjoy a healthy equity on the value of the property.
Our family business has grown to allow us the best year we’ve ever had in selling real estate. The hard work, dedication and persistence of The Keyes Company and their leadership has shown us a path to work in real estate while giving service to our neighbors and fellow residents. We’ve been able to give back to the community in diverse areas and give meaningful help whenever possible. These results come first and foremost from you, our sellers and buyers. Thank you for your support and trust throughout the years.
2018 promises even better results for us all in the community, whether selling a home, buying or in the Realtors’ case, working with those of you that honor us with your selection. We look forward to hearing from you and to help you realize your real estate goals.
Merry Christmas and may the peace of The Lord be with you.
Frank DeValdivielso, a member the Miami FL Team and The Keyes Company, is based out of 2423 Le Jeune Road, Coral Gables, FL 33134. For more information you can reach Frank at his office, 786 378 8450, or cell, 786 273 8507. You can also email him at RealEstate@MiamiFLTeam.com and please be sure to visit www.MiamiFLTeam.com for the latest listing and news regarding real estate. Call to sign up for a free monthly market report of your zip code.