In many parts of the country the residential real estate market has peaks and valleys throughout the year. These can be driven by the weather, the school year calendar and fiscal year calendars of corporations among other factors.
Here in South Florida we enjoy a full-year market with buyers making purchases year-round. There is some impact from the school year calendar which generally spikes during the spring and summer. We also get a bump in demand when the cold arrives to the north, October to March. And to the southern hemisphere, for that matter whose winter is from June to August. In our area the market is ready when you are.
The overall sentiment is that interest rates are low, inventory levels are stable and the product that is available for purchase is very attractive. The condo inventory on Brickell is being absorbed rapidly (over 100 units per month on average in 2019) and there is talk of new groundbreaking from some of the major developers. The new towers, like Miami World Center, will be built north of Brickell and into the Edgewater/Wynwood submarkets. In fact, developers are buying up smaller lots to assemble them into larger lots on which to build more condos. If you have an interest in this data, check miamidda.com to get updates on all the projects in their different phases.
As for single family homes in Palmetto Bay and Pinecrest, the news is great. More and more executives are coming to town with high paying jobs and looking for life in the suburbs. Tranquil living, great schools, parks, green areas and all that our beautiful community offers. From September 1 through 24 there were 25 closed sales in this market. An additional 36 homes went under contract. At time of writing there are 358 homes for sale in just Palmetto Bay and Pinecrest. These are numbers from MLS for single family homes only. The defining factor to selling is that the offering must be priced competitively. If not, the buyers have options to choose from. So now is also a good time to sell, you see.
The sale of homes that are priced above $1 million continue to take longer than those below. The pool of buyers is naturally larger for the homes below $1 million, hence, more competition for the latter.
There are approximately ninety-days left in the year and that’s plenty of time to make your move. In September we had two families accomplish the sale of their respective homes within the first week of putting them on the market with us. They have left and started their next chapter largely because the real estate market in South Florida was good to them. Another client that decided instead to rent their home has since told us it would have been better to leave than to hold on to the home from a long distance. Even this last family continues to benefit from a great rental market that produces returns on their home beyond what they can achieve in financial markets. Real estate in our corner of the world, continues to give. Where will you live during the upcoming holidays?
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.