The spring market is in full swing. There is sufficient inventory of single family homes in Palmetto Bay and Pinecrest to satisfy the demand for nearly the next year.
That means 442 active listings, 245 closed sales in the last six months and 79 pending sales (under contract to sell). The numbers are broad in that they include all price points ranging from $214,000 to $26,500,000. The trend continues where homes that are priced above one-million dollars with 254 active listings, 88 closed sales in the last six months and 23 pending sales. Sufficient inventory for the demand of the next two years.
The numbers for homes priced below one-million dollars are 188 active listings, 157 closed sales in the last six months, 57 pending sales. Just enough for approximately the next five months.
The families transferring to our area look for homes that are close to turnkey. Ideally, with no deferred maintenance issues. The sellers that offer this product are successful in selling their home at fair market value. The sellers that offer homes where there is deferred maintenance must provide deep discounts on the sales price.
There are families that are moving out of our area with job transfers or downsizing, and even some that will not spend another summer in this heat. Much less another hurricane season. We are all enjoying the benefit that an active real estate market gives us… options!
If you have thoughts of moving to a condo, this is a great market for you. If you want to stay in your single-family home, this is a great time to invest in it and make it ideal. Do yourself the favor of having all work done with permits. It will pay for itself when you do decide to move.
For buyers coming into the area, there is plenty of great inventory to choose from. The sellers understand the market and value of living in this area. Once the buyers have clearly defined their criteria it facilitates and accelerates the process to find the right home.
Recently, one such family of buyers demonstrated this last point. The couple are both highly educated and have a clear definition of what they were looking for in a home. The area, budget, size and layout were all specified. If a given house did not meet the criteria, it was quickly discarded. On their first trip from the Chicago area, they picked the exact area to live in. This decision based on proximity to work. Two months after their first trip, they came back to buy a home.
During those two months, they scoured the market and selected only ten homes of over 100 that were on their search results. Once in town, we drove past the ten homes and eliminated another four or so. By the time that we went into the remaining homes they knew exactly what to look for in the layout, deferred maintenance, finishes and other features. On the second day of seeing homes, they narrowed the search down to two. A long walk in the city beautiful helped them make their decision, and an omen helped. A female cardinal came to sing while they were sitting in the backyard of the home they have purchased.
Now back in the Chicago area, they know exactly where they’re moving to and when they will be here. What a delightful couple to work with. More and more good people are discovering the paradise we call home. This is a great time to enjoy South Florida living and consider the options this real estate market offers.
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.