Real Time Market Report MARKET UPDATE MIAMI, FL 33131
· Current Real Estate Market Conditions for Condos & Townhomes · Trends in Pricing · Current Levels of Supply and Demand · Value Metrics
· Report for the week of September 01, 2014
· Presented by Iain Montford & Carlos Garcia ONE Sothebys International Realty http://www.cmgg.net +1.305.741.0741
Powered by Altos Research LLC | www.altosresearch.com | Copyright ©2005-2014 Altos Research LLC
City Overview
Condos & Townhomes in
MIAMI, FL
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
This Week
Real-Time Market Profile
The median list price in MIAMI, FL this week is $315,000. The 5959 properties have been on the market for an average of 370 days.
$ 315,000
Average List Price
$ 439,872 $ 281
Asking Price Per Square Foot
±+ ≠
Average Days on Market (DoM)
370
==
Inventory of Properties Listed
5959
==
Most Expensive Listing
The Market Action Index has been trending down lately, while inventory and days-on-market are climbing. The trends imply a weakening market.
Trend
Median List Price
$ 21,950,000
Least Expensive Listing
$ 12,000
Average Age of Listing
18
Percent of Properties with Price Decrease
26 %
Percent Relisted (reset DOM)
71 %
Percent Flip (price increased)
4%
Median House Size (sq ft)
1150
Median Number of Bedrooms
2.0
Median Number of Bathrooms
2.0
Supply and Demand
Altos Research Value Statistics
Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer's market to a Seller's market.
Market Action Index
Strong Buyer's
22.9
==
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
$ 650,000
1526
2.0
2.5
7
1489
26
11
513
Most expensive 25% of properties
Upper/Second
$ 379,900
1101
2.0
2.0
8
1490
30
20
472
Upper-middle 25% of properties
Lower/Third
$ 254,900
1104
2.0
2.0
13
1490
60
57
354
Lower-middle 25% of properties
Bottom/Fourth
$ 134,900
963
2.0
2.0
32
1490
164
221
139
Least expensive 25% of properties
Page 2 of 11
Monday September 1, 2014
Condos & Townhomes in
City Overview
MIAMI, FL
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
Median Price This week prices bumped up a bit but the trend of the last few weeks is generally downward. The Market Action Index is a good leading indicator for the durability of this shift.
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 September 1, 2014
Fourth/Bottom
Condos & Townhomes in
City Overview
MIAMI, FL
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
Price per Square Foot The market's light downward trends are shared across both price and value. People are recently placing less value on homes (you can see the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.
7-day Average
90-day Average
Inventory of Properties Listed for Sale Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.
7-day Average
Page 4 of 11
90-day Average
Monday September 1, 2014
Condos & Townhomes in
City Overview
MIAMI, FL
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
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 22.88. 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 Three of the four quartiles of the market are in the Buyer's Market zone with several months of inventory given the current rate of demand for homes in the quartile. Notice that Quartile 4 (the lowest price group) is showing stronger demand than the others. Buyers seem to be placing emphasis on the easiest entry point in the market.
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.
Page 5 of 11
Monday September 1, 2014
Condos & Townhomes in
City Overview
MIAMI, FL
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
Days on Market The properties have been on the market for an average of 370 days. Half of the listings have come newly on the market in the past 448 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 September 1, 2014
Fourth/Bottom
Neighborhood Detail
Condos & Townhomes in
MIAMI, FL 33131
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
This Week
Real-Time Market Profile
The median list price in MIAMI, FL 33131 this week is $475,000. The 953 properties have been on the market for an average of 491 days.
$ 475,000
Average List Price
$ 736,514
±+
$ 503
±+
Average Days on Market (DoM)
491
==
Inventory of Properties Listed
953
±+
Asking Price Per Square Foot
Most Expensive Listing
The Market Action index has been trending down lately, while days-onmarket is climbing, providing mostly bearish signs for the market.
Trend
Median List Price
$ 21,950,000
Least Expensive Listing
$ 170,000
Average Age of Listing
10
Percent of Properties with Price Decrease
27 %
Percent Relisted (reset DOM)
99 %
Percent Flip (price increased)
2%
Median House Size (sq ft)
1051
Median Number of Bedrooms
2.0
Median Number of Bathrooms
2.0
Supply and Demand
Altos Research Value Statistics
Home sales have been exceeding new inventory for several weeks. Since this is a Buyer's market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing.
Market Action Index
Strong Buyer's
12.0
==
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
Top/First
$ 1,154,500
1558
2.0
2.5
6
238
1
0
514
Most expensive 25% of properties
Upper/Second
$ 550,000
1115
2.0
2.0
6
238
2
0
461
Upper-middle 25% of properties
Lower/Third
$ 425,000
876
1.0
1.5
6
238
3
0
502
Lower-middle 25% of properties
Bottom/Fourth
$ 320,000
758
1.0
1.0
9
239
1
0
488
Least expensive 25% of properties
Page 7 of 11
Age Inventory
New
Absorbed
Monday September 1, 2014
DOM
Condos & Townhomes in
Neighborhood Detail
MIAMI, FL 33131
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
Median Price We continue to see prices in this zip code bounce around this plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.
7-day Average
90-day Average
Quartile Prices In the quartile market segments, we see prices in this zip code 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 8 of 11
Second/Upper
Third/Lower
Monday September 1, 2014
Fourth/Bottom
Condos & Townhomes in
Neighborhood Detail
MIAMI, FL 33131
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
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 relatively steady around these levels in recent weeks.
7-day Average
Page 9 of 11
90-day Average
Monday September 1, 2014
Condos & Townhomes in
Neighborhood Detail
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
MIAMI, FL 33131
Market Action Index The MIAMI, 33131 market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at 11.98. 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.
Page 10 of 11
Monday September 1, 2014
Condos & Townhomes in
Neighborhood Detail
Iain Montford & Carlos Garcia | www.CMGG.net | 1.305.741.0741
MIAMI, FL 33131
Days on Market The properties have been on the market for an average of 491 days. Half of the listings have come newly on the market in the past 539 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 September 1, 2014
Fourth/Bottom