Market Update | Miami Dade | Feb 2017

M O N T H L Y

MARKET UPDATE F E B R U A R Y

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MIAMI DADE

MIAMI DADE

February 2017 was a Buyer's Market! The number of for sale listings was up 7.4% from one year earlier and up 0.8% from the previous month. The number of sold listings decreased 18.7% year over year and decreased 4.2% month over month. The number of under contract listings was up 12.2% compared to the previous month and down 1.2% compared to the previous year. The Months of Inventory based on Closed Sales is 12.4, up 32% from the previous year.

The Average Sold Price per Square Footage was up 12.4% compared to the previous month and up 13.3% compared to last year. The Median Sold Price increased by 1.9% from last month. The Average Sold Price also increased by 15.5% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Appreciating".

FOR SALE vs. SOLD

The Average Days on Market showed a neutral trend, an increase of 4.9% compared to the previous year. The ratio of Sold Price vs. Original List Price is 87%, a decrease of 4.4% compared to the previous year.

MIAMI DADE

FOR SALE vs. SOLD

IT IS A BUYER'S MARKET Property Sales (Sold) February property sales were 1712, down 18.7% from 2107 in February of 2016 and 4.2% lower than the 1787 sales last month.

Current Inventory (For Sale) Versus last year, the total number of properties available this month is higher by 1463 units of 7.4%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 0.8% compared to the previous month.

Property Under Contract (Pended) There was an increase of 12.2% in the pended properties in February, with 2745 properties versus 2446 last month. This month's pended property sales were 1.2% lower than at this time last year.

AVERAGE PRICE PER SQ. FT. MIAMI DADE

The Average Sold Price per Square Footage is Appreciating* The Average Sold Price per Square Footage is a great indicator for the direction of property values.

Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The February 2017 Average Sold Price per Square Footage of $281 was up 12.4% from $250 last month and up 13.3% from $248 in February of last year.

* Based on 6 month trend – Appreciating/Depreciating/Neutral

DAYS ON MARKET MIAMI DADE

The Days on Market Shows Neutral Trend* The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for February 2017 was 86, down 4.4% from 90 days last month and up 4.9% from 82 days in February of last year.

The Sold/Original List Price Ratio is Falling** The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 87% is down 2.2% % from last month and down from 4.4% % in February of last year * Based on 6 month trend – Upward/Downward/Neutral ** Based on 6 month trend – Rising/Falling/Remains Steady

AVERAGE PRICE FOR SALE & SOLD MIAMI DADE

The Average For Sale Price is Neutral* The Average For Sale Price in February was $1,028,000, the same as in February of 2016 and down 0.1% from $1,029,000 last month.

The Average Sold Price is Appreciating* The Average Sold Price in February was $463,000, up 14.6% from $404,000 in February of 2016 and up 15.5% from $401,000 last month.

The Median Sold Price is Appreciating* The Median Sold Price in February was $270,000, up 11.6% from $242,000 in February of 2016 and up 1.9% from $265,000 last month.

* Based on 6 month trend – Upward/Downward/Neutral

MONTHS OF INVENTORY MIAMI DADE

A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.

Months of Inventory based on Closed Sales The February 2017 Months of Inventory based on Closed Sales of 12.4 was increased by 32% compared to last year and up 5.1% compared to last month.

February 2017 is Buyer's market.

Months of Inventory based on Pended Sales The February 2017 Months of Inventory based on Pended Sales of 7.7 was increased by 8.4% compared to last year and down 10.5% compared to last month.

February 2017 is Buyer's market

*Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory

ABSORPTION RATE MIAMI DADE

Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.

Absorption Rate based on Closed Sales The February 2017 Absorption Rate based on Closed Sales of 8.1 was decreased by 24.4% compared to last year and down 4.7% compared to last month.

Absorption Rate based on Pended Sales The February 2017 Absorption Rate based on Pended Sales of 12.9 was decreased by 8.5% compared to last year and up 11.2% compared to last month.

*Buyer’s market: 16.67% and below Seller’s market: 33.33% and above Neutral market: 16.67% - 33.33% All reports are published March 2017, based on data available at the end of February 2017, except for the today stats. This representation is based in whole or in part on data supplied by the Realtor Association of Miami, the Greater Fort Lauderdale Realtors, or the Southeast Florida Multiple Listing Service (MLS). Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market.

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