Market Update | Miami Dade | Oct 2016

M O N T H L Y

MARKET UPDATE O C T O B E R

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MIAMI DADE

MIAMI DADE

October 2016 is a Buyer's market! The number of for sale listings was up 15.4% from one year earlier and up 1.6% from the previous month. The number of sold listings decreased 31.2% year over year and decreased 20% month over month. The number of under contract listings was down 9.7% compared to the previous month and down 15.2% compared to the previous year. The Months of Inventory based on Closed Sales is 11.1, up 67.9% from the previous year.

The Average Sold Price per Square Footage was up 3.3% compared to the previous month and up 2% compared to last year. The Median Sold Price decreased by 1.9% from last month. The Average Sold Price also increased by 2.2% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral".

FOR SALE vs. SOLD

The Average Days on Market showed a upward trend, an increase of 1.3% compared to the previous year. The ratio of Sold Price vs. Original List Price is 90%, a decrease of 2.2% compared to the previous year

MIAMI DADE

FOR SALE vs. SOLD

IT'S A BUYER'S MARKET Property Sales (Sold) October property sales were 1,829, down 31.2% from 2,657 in October of 2015 and 20% lower than the 2,286 sales last month.

Current Inventory (For Sale) Versus last year, the total number of homes available this month is higher by 2,708 units of 15.4%. 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 1.6% compared to the previous month.

Property Under Contract (Pended) There was a decrease of 9.7% in the pended properties in October, with 2,312 properties versus 2,561 last month.

This month's pended property sales were 15.2% lower than at this time last year.

AVERAGE PRICE PER SQ. FT. MIAMI DADE

The Average Sold Price per Square Footage is Neutral* 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 October 2016 Average Sold Price per Square Footage of $252 was up 3.3% from $244 last month and up 2% from $247 in October of last year.

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

DAYS ON MARKET MIAMI DADE

The Days on Market Shows Upward 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 October 2016 was 81, up 8% from 75 days last month and up 1.3% from 80 days in October of last year.

The Sold/Original List Price Ratio Remains Steady** 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 90% is the same as last month and down from 2.2% in October 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 Depreciating* The Average For Sale Price in October was $997,000, up 4.9% from $950,000 in October of 2015 and down 0.7% from $1,004,000 last month.

The Average Sold Price is Neutral* The Average Sold Price in October was $410,000, up 6.8% from $384,000 in October of 2015 and up 2.2% from $401,000 last month.

The Median Sold Price is Neutral* The Median Sold Price in October was $260,000, up 13% from $230,000 in October of 2015 and down 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 October 2016 Months of Inventory based on Closed Sales of 11.1 was increased by 67.9% compared to last year and up 27.5% compared to last month. October 2016 is Buyer's market*.

Months of Inventory based on Pended Sales The October 2016 Months of Inventory based on Pended Sales of 8.8 was increased by 35.6% compared to last year and up 12.8% compared to last month. October 2016 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 October 2016 Absorption Rate based on Closed Sales of 9 was decreased by 40.4% compared to last year and down 21% compared to Last month.

Absorption Rate based on Pended Sales The October 2016 Absorption Rate based on Pended Sales of 11.4 was decreased by 26.5% compared to last year and down 10.9% 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 November 2016, based on data available at the end of October 2016, 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.

CORPORATE CONTACT Tel. +1 [305] 229.1146

Fax +1 [305] 229.1299

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