Michael Solovay's MARKET UPDATE MIAMI, FL 33180
· Current Real Estate Market Conditions for Condos & Townhomes · Trends in Pricing · Current Levels of Supply and Demand · Value Metrics
· Report for the week of August 02, 2010
· Presented by Michael Solovay EWM Realtors www.WhatsThePointofAventura.com - solovay.m@ewm.com (305) 332-4260 cell
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City Overview
Condos & Townhomes in
MIAMI, FL
Michael Solovay | www.WhatsThePointofAventura.com | 305.332.4260
This Week
Real-Time Market Profile
The median list price in MIAMI, FL this week is $159,500. The 8595 properties have been on the market for an average of 200 days.
$ 159,500
Average List Price
$ 275,153
±+
$ 180
±+
Average Days on Market (DoM)
200
≠≠
Inventory of Properties Listed
8595
≠≠
Asking Price Per Square Foot
Most Expensive Listing
Inventory is tightening and days-onmarket is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.
Trend
Median List Price
$ 16,900,000
Least Expensive Listing
$ 12,900
Average Age of Listing
20
Percent of Properties with Price Decrease
26 %
Percent Relisted (reset DOM)
5%
Percent Flip (price increased)
4%
Median House Size (sq ft)
1200
Median Number of Bedrooms
2.0
Median Number of Bathrooms
2.0
Supply and Demand
Altos Research Value Statistics
The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.
Market Action Index
Strong Buyer's
14.9
==
The Market Action Index answers the question "How's the Market?" By measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give the advantage to the buyer.
Trend Key:
±+
No change
== Strong upward trend ≠≠ Strong downward trend = Slight upward trend ≠ Slight downward trend
Characteristics per Quartile Quartile
Median Price
Sq. Ft.
Beds
Baths
Age Inventory
New
Absorbed
DOM
Top/First
$ 469,000
1825
2.0
2.0
6
2148
83
63
256
Most expensive 25% of properties
Upper/Second
$ 215,000
1153
2.0
2.0
8
2149
158
90
204
Upper-middle 25% of properties
Lower/Third
$ 119,000
1000
2.0
2.0
25
2149
149
106
183
Lower-middle 25% of properties
Bottom/Fourth
$ 60,000
900
2.0
1.5
37
2149
189
195
157
Least expensive 25% of properties
Page 2 of 11
Monday August 2, 2010
Condos & Townhomes in
City Overview
Michael Solovay | www.WhatsThePointofAventura.com | 305.332.4260
MIAMI, FL
Median Price The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.
7-day Average
90-day Average
Quartile Prices Prices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move from these current levels.
First/Top
Page 3 of 11
Second/Upper
Third/Lower
Monday August 2, 2010
Fourth/Bottom
Condos & Townhomes in
City Overview
Michael Solovay | www.WhatsThePointofAventura.com | 305.332.4260
MIAMI, FL
Price per Square Foot The market plateau is seen across the price and value. The price per square foot and median list price have both been reasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves from these levels.
7-day Average
90-day Average
Inventory of Properties Listed for Sale Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
7-day Average
Page 4 of 11
90-day Average
Monday August 2, 2010
Condos & Townhomes in
City Overview
MIAMI, FL
Michael Solovay | www.WhatsThePointofAventura.com | 305.332.4260
Market Action Index The MIAMI market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 14.88. With several months of inventory available at the current sales rate, buyers should find ample choice.
90-day Average
Buyers/Sellers Cutoff
Market Action Index per Quartile Not surprisingly given the overall Market Action Index, all quartiles are in the Buyer's Market zone with several months of inventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall market shifts. Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole group changes.
First/Top
Second/Upper
Third/Lower
Fourth/Bottom
Buyers/Sellers Cutoff Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Advantage zone (below 30) for a long period, prices are likely in for a downward correction. The Market Action Index (MAI) illustrates a blance between supply and demand using a statistical function of the current rate of sale versus current inventory.
Page 5 of 11
Monday August 2, 2010
Condos & Townhomes in
City Overview
MIAMI, FL
Michael Solovay | www.WhatsThePointofAventura.com | 305.332.4260
Days on Market The properties have been on the market for an average of 200 days. Half of the listings have come newly on the market in the past 126 or so days.
7-day Average
90-day Average
Days on Market per Quartile It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.
First/Top
Page 6 of 11
Second/Upper
Third/Lower
Monday August 2, 2010
Fourth/Bottom
Neighborhood Detail
Condos & Townhomes in
MIAMI, FL 33180 Aventura
Michael Solovay | www.WhatsThePointofAventura.com | 305.332.4260
This Week
Real-Time Market Profile
The median list price in MIAMI, FL 33180 - Aventura this week is $340,000. The 1055 properties have been on the market for an average of 246 days.
$ 340,000
Average List Price
$ 452,819
±+
$ 235
≠≠
Average Days on Market (DoM)
246
≠≠
Inventory of Properties Listed
1055
≠≠
Asking Price Per Square Foot
Most Expensive Listing
Inventory is tightening and days-onmarket is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.
Trend
Median List Price
$ 12,000,000
Least Expensive Listing
$ 54,000
Average Age of Listing
18
Percent of Properties with Price Decrease
28 %
Percent Relisted (reset DOM)
6%
Percent Flip (price increased)
5%
Median House Size (sq ft)
1670
Median Number of Bedrooms
2.0
Median Number of Bathrooms
2.0
Supply and Demand
Altos Research Value Statistics
The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.
Market Action Index
Strong Buyer's
11.6
==
The Market Action Index answers the question "How's the Market?" By measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give the advantage to the buyer.
Trend Key:
±+
No change
== Strong upward trend ≠≠ Strong downward trend = Slight upward trend ≠ Slight downward trend
Characteristics per Quartile Quartile
Median Price
Sq. Ft.
Beds
Baths
Age Inventory
New
Absorbed
DOM
Top/First
$ 739,000
2816
3.0
3.0
10
263
5
7
291
Most expensive 25% of properties
Upper/Second
$ 400,000
1700
2.0
2.0
16
264
5
6
273
Upper-middle 25% of properties
Lower/Third
$ 279,000
1306
2.0
2.0
19
264
10
9
217
Lower-middle 25% of properties
Bottom/Fourth
$ 148,250
1060
2.0
2.0
35
264
28
16
205
Least expensive 25% of properties
Page 7 of 11
Monday August 2, 2010
Condos & Townhomes in
Neighborhood Detail
Michael Solovay | www.WhatsThePointofAventura.com | 305.332.4260
MIAMI, FL 33180 Aventura
Median Price Recently prices in this zip have settled at a plateau even though they dipped this week. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.
7-day Average
90-day Average
Quartile Prices In most of the quartile market segments, we see prices in this zip code have stabilized recently. Only Quartile 4 shows any price increases in the last few weeks. Often this condition happens in markets where demand has fallen (for example, due to microlocation variables) but supply is still relatively short. Buyers are focusing on the lowest price homes in the area.
First/Top
Page 8 of 11
Second/Upper
Third/Lower
Monday August 2, 2010
Fourth/Bottom
Condos & Townhomes in
Neighborhood Detail
Michael Solovay | www.WhatsThePointofAventura.com | 305.332.4260
MIAMI, FL 33180 Aventura
Price per Square Foot While prices have been basically flat, the price per square foot has been heading downward. While not a sign of broad strength in a market, larger homes are coming more available and buyers are tending to get more home for their money.
7-day Average
90-day Average
Inventory of Properties Listed for Sale Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
7-day Average
Page 9 of 11
90-day Average
Monday August 2, 2010
Condos & Townhomes in
Neighborhood Detail
Michael Solovay | www.WhatsThePointofAventura.com | 305.332.4260
MIAMI, FL 33180 Aventura
Market Action Index The MIAMI, 33180 market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 11.58. With several months of inventory available at the current sales rate, buyers should find ample choice.
90-day Average
Buyers/Sellers Cutoff
Market Action Index per Quartile Not surprisingly, all quartiles are in the Buyer's Market zone with several months of inventory given the current levels of demand. Watch the quartiles for changes before the overall market shifts.
First/Top
Second/Upper
Third/Lower
Fourth/Bottom
Buyers/Sellers Cutoff Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained changes: if the index falls into the Buyer’s Advantage zone (below 30) for a long period, prices are likely in for a downward correction. The Market Action Index (MAI) illustrates a blance between supply and demand using a statistical function of the current rate of sale versus current inventory.
Page 10 of 11
Monday August 2, 2010
Condos & Townhomes in
Neighborhood Detail
Michael Solovay | www.WhatsThePointofAventura.com | 305.332.4260
MIAMI, FL 33180 Aventura
Days on Market The properties have been on the market for an average of 246 days. Half of the listings have come newly on the market in the past 154 or so days.
7-day Average
90-day Average
Days on Market per Quartile It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.
First/Top
Page 11 of 11
Second/Upper
Third/Lower
Monday August 2, 2010
Fourth/Bottom