Another one of those “generalized” Miami Real Estate market reports that really good for getting only an overall impression of the housing market. Real Estate is LOCAL!! Yes….I say it over and over and over again. But these stats are positive and are proof of an improving market, hence the reason I share them.
As per REALTOR.com, Florida was the #20 most searched market in the country in April 2012.
Median list prices for homes in Miami, FL hit $275,000 in April 2012, a 15.06% increase from one year ago this month, and 2.23% increase from March 2012. The national median list price in April 2012 was $191,211, a -0.35% decrease compared to April 2011.
Active for sale inventory of homes in Miami, FL in April 2012 leveled out at 11,553, a -35.94% decrease compared to April 2011. National inventory counts for April 2012 were 1,840,803, a -18.85% decrease as compared to a year ago.
The median age of inventory in Miami, FL in April was 76 days, a 1.33% increase compared to March 2012. Nationally, the median age of inventory was 84 days, a -5.62% decrease compared to March.
So how does Realtor.com arrive at these numbers?
Each month, Realtor.com surveys up to 250 Metro Service Areas (MSA) throughout the nation and monitors real estate trends including consumer search behavior, median list prices on for sale homes, active inventory counts and median age of inventory. The information is released to local markets to help consumers and real estate professionals as they work together to successfully navigate their local market.
Thanks to REALTOR.com for providing these stats for us.
We are being approached with this question constantly – Why didn’t my Miami Beach home sell? The answer comes in 3 parts and as many times as you may have seen and read these answers, you have to be objective and answer the questions honestly.
The answers are: Pricing, Condition and Marketing
Plain and simple…..ok, maybe not that simple but I’ll explain each in detail
My Miami house did not sell because of price
You will instinctly think that your house is better than all the others on the market. You will think that your house will sell quicker and will attract more buyers – It’s natural, you love your house and think others will love it just as much…..but this may not always be the case.
To be able to price your house appropriately you will need to know the current real estate market, know the inventory and the condition of other similar homes, you will need to be objective and be able to disconnect from all the emotional factors that define your “home”. This will implicate being able to recognize what upgrades are marketable and have value to a buyer as well as what factors can be detrimental to a sale.
Hiring a Miami Beach Realtor that is proficient in your area is key to pricing your home. We also see a lot of sellers that want to “test” the market by pricing a little higher than recommended (this is ultimately your call, but you may find yourself either selling for a lot less in the long run, or chasing the market down). Also read:
Team Miamism recognizes certain triggers which mean a price reduction is warranted – if we see no showings in a week and we receive no offers in 3 weeks, it’s time to rethink that pricing strategy.
If you are brave, also read this article (warning: not for the weak)
My Miami house did not sell because of its condition
Time to put on your objective glasses here Miami real estate sellers! your house is not the prettiest, that gold-leaf bar in the middle of your living room is hideous! and you should have hired a decorator instead of experimenting with your discerning design expertise!
The condition of your home is something that you CAN control. You see those HGTV shows all the time and see how an easy fix can do the trick. There are plenty of professionals that can help and won’t cost a fortune and that may mean selling your house quickly and for more money!
Team Miamism sells a lot of estate homes that need work and are full of old furniture and outdated finishes. Sometimes it’s as easy as emptying the house, painting a couple of walls, removing old rugs and buyers will see a different house.
I have written so many things about this very thing, so I will not bore you will the same information over and over again – you can read these articles:
Make sure you hire a competent Miami Beach Realtor that knows the area, that is multi-faceted when it comes to marketing, includes print ads, Internet marketing and thinks outside the box when it comes to selling your home.
Yes glossy brochures are nice, but what else? If almost 90% of buyers are starting their search on-line, how sure are you that your property will be in their face EVERY SINGLE TIME!! Easier said than done though, finding a great Realtor may not be easy, but here is some help:
Internet marketing is changing every day, make sure your Realtor of choice is active in Internet Social Networks and goes out of their way to include your listing in different web portals (not just the common ones like Realtor.com and Trulia…..but European and South American Portals, different on-line publications and social networks where real estate buyers go to find homes).
At Miamism we showcase businesses that we believe in and offer products that match our readers’ needs, that would be you. As a full upfront disclosure, we don’t get paid for this or get any type of benefit, other than the gratification of helping fellow business owners. Now let’s get to the focus of this showcase.
The Flower Bar, owned by Alex Rodriguez, has been around for about 10 years in different locations around Miami. Alex has a passion for simple flower design and it is obvious in his product. Alex has a background in fine arts and studied photography, and there’s something to be said about still arts meeting flower arrangement design, his product is like none other in the market. So if you are into fluffy, overdone arrangements, these will not be for you.
I had the pleasure of interviewing Alex about his concept and what the future of Flower Bar is, but please listen for yourself.
The store is now in Midtown, on the South side of the 4 Midtown tower across from the restaurants (Mercadito and Sugarcane).
In addition to his SIMPLE designs, which bring out the basic nature of the flower, he uses original vases and containers. He also creates terrariums with beautiful butterflies. Make sure you ask about Flower Therapy by Flower Bar which delivers flower arrangements weekly to your home or place of work. It was exciting to hear about Creating Change through Art project with Art Challenges for the community and nearby schools.
Flower Bar is not your every day Florist, hope you like them as much as we do.
Billy Joel just listed his Miami Beach home for $14,750,000. Yes, you read correctly, Mr. Piano Man himself is selling his home located in prestigious La Gorce Island, in Miami Beach. Another Miami Beach Celebrity home on the market, this one is a Mediterranean Revival style home with wide bay views and 150 feet of water frontage.
The house has 8,881 sf of living space, with 7 bedrooms, 8 bathrooms and 1 half bath. It sits on a 30,330m sf lot and has a private dock , amazing pool area and views to die for.
Tax records show that the home was purchased in February of 2006 for $13.5 Million. The selling description reads:
Elegant 7 bedroom 8.5 bath Mediterranean waterfront estate is situated on prestigious La Gorce Island. this 8,881 sq ft home boasts expansive open areas with breathtaking views of the bay. Luxurious bar with wine cellar, gourmet chefs kitchen, formal living and dining room, office and sumptuous master suite all of which showcase the finest details and finishes. Perfect home for entertaining with outdoor summer kitchen. Over 150 feet of water frontage.
This is a Miami Real Estate Market Report for April 2012. We have reached a point in Miami where people are comfortable with their real estate ownership again. The fear is gone for desirable areas within Miami and unless you bought at the very height of the market, most people will recuperate their investment when selling….and a lot will make money if they bought at rock bottom prices. Personally, I find this to be a relief. As real estate consultants, always looking our for our clients’ best interest, it’s great to finally have good news. We do ask that you please do your homework when it comes to choosing a REALTOR, there are a lot out there that will fill your ears with what you want to hear, not necessarily what it will take to get the job done.
There are currently 64 Miami Shores homes for sale (10 less than last month):
Highest priced listing is $2,000,000 (new listing at 308 NE 96 St)
Lowest priced listing is $87,500 (Short Sale at 9254 NW 3 Av)
Pending Sales (Properties under contract): 45 (6 more than last month)
Closed sales in April: 13 (3 less than previous month)
The 16 Miami Shores homes sold in April ranged from $739,000 a Realtor owned 3 bedroom / 2 bathroom home EAST of The Boulevard located at 1025 NE 97th St to a short sale at 2 NE 108th St, selling for $138,000.
The Median price for Miami Shores homes sold in April was $285,000 with an average price of $358,000. Only 3 of those 13 homes sold were distressed (short sales). The distressed inventory right now in Miami Shores has decreased from last month’s 30% to 28% and most are short sales – meaning 28% of homes for sale right now in Miami Shores are either short sales or foreclosures. We don’t expect that the distressed inventory disappears all together, but we do know this number has been staying low. Most of the distressed inventory is in the NW area of Miami Shores, in the last area that was annexed recently close to Barry University,
There are currently 14 Bay Harbor Island Homes for sale (2 more than last month):
Highest priced listings is for $4,900,000 (10140 W Broadview Dr)
Lowest priced listing is $805,000 (1230 96 St)
Pending Sales (properties under contract): 2 (1 more than last month)
Closed sales in April: 0
There were no Bay Harbor Island Homes sold in the month of April and this is very common considering how small the area is. The median list price for Bay Harbor Islands is $1,350,000 with an average list price of $1,960,000. There is NO distressed inventory which makes Bay Harbor Islands extremely desirable.
There are currently 34 Surfside homes for sale (4 less than previous month):
Highest priced listing is $5,500,000 (1332 Biscaya Dr)
Lowest priced listing is $397,5009(9049 Emerson Av)
Pending Sales (properties under contract): 13 (2 more than previous month)
Closed sales in April: 3 (4 less than previous month)
The 3 Surfside homes sold in April were the following:
9217 Bay Drive – listed for $649,000 and selling for $625,000
9175 Bay Drive – listed for $539,000 and selling for $485,000
9009 Garland Av – listed for $395,000 and selling for $365,000
The Surfside homes inventory for sale continues to decrease which is a positive sign for the community in general. The distressed inventory continues to stay at a minimum with only one short sale and no foreclosures out of the 34 homes that are currently for sale.
There are currently 73 Surfside Condos for sale (2 less than last month):
Highest priced listing: $1,750,000 for a 3/3/1 at Azure, PH 1107
Lowest priced listing: $149,500 for a 1/1/1 at Ocean 91 Condo
Pending Sales (properties under contract):26 (4 less than previous month)
Closed sales in April: 10 (3 more than previous month)
The 10 Surfside condos sold in April ranged from a 3 bedroom, 2.5 bathroom condo at Champlain Towers sold for $885,000, to a 1 bedroom / 1 bathroom, 750 sf condo at Coral Sea Condo selling for $110,000.
Out of the 10 Surfside condos sold, 3 were distressed, but this 30% doesn’t represent the existing inventory. Less than 3% of the Active Surfside Condo inventory for sale is distressed, which is a low number compared to many other areas within Dade County. We have been seeing a consistent decrease in the past 12 months. Surfside is on of the Miami neighborhoods that is already out of the water and well represented with both Surfside homes as well as Surfside condos.
There are currently 95 Fisher Island Condos for sale (2 more than last month):
Highest priced listing: $14,000,000 for an exclusive Oceanside 6/6/1
Lowest priced listing: $98,010 for a foreclosed studio at Marina Village
Pending Sales: 6 (1 more than last month)
Closed sales in April: 3 (4 less than last month)
The 3 Fisher Island Condos sold in April were:
Bayside Village – 2211 Fisher Island Dr – listed for $1,450,000 and selling for $1,350,000.
Bayside Village – 2012 Fisher Island Dr – listed for $995,000 and selling for $900,000.
Marina Village – 41216 Fisher Island Dr – listed for $549,000 and selling for $375,000.
The median listing price in Fisher Island is still $2.49 Million. Distressed properties continue to make up less than 10% of current for sale inventory. Fisher Island’s desirability has not decreased and will only continue to improve with the ultra-luxury demand that is currently growing in South Florida.
**all information obtained from the Southeast Florida Multiple Listing Service**
The answers are: Pricing, Condition and Marketing
There are currently 64 Miami Shores homes for sale (10 less than last month):
There are currently 34 Surfside homes for sale (4 less than previous month):
There are currently 95 Fisher Island Condos for sale (2 more than last month):
