Ron Shuffield, President and genius data cruncher at EWM Realty International delivered our spring outlook last week and the forecast is SUNNY! Watch this quick video to hear it for yourself, but in a nut shell Ron summarized the last three years of real estate sales in Dade County (2011-2013) as being record breakers. Each year the number of sales of single family homes and condominiums exceeded the prior year, and these were double digit increases!
Ron expects to maintain high levels of sales in 2014. Our indicator of future sales is the amount of inventory of properties for sale, more specifically, the ‘number of months’ of inventory available. In Dade County we have about 5-6 months of supply right now, which Ron believes is a healthy amount. In my 20 years selling homes in Coral Gables, Coconut Grove, South Miami, Palmetto Bay, and Pinecrest, I find that a little on the low side, and with that trend prices usually increase. As Ron says in the video, it is very “neighborhood specific”.
I’m working with a lot of Buyers looking for homes in South Miami, Coral Gables,
and Coconut Grove in the $650,000-$1,000,000 range, and there are very few options out there. In South Miami alone there is
very little, and even if we stretch budgets up over $1,000,000 the same holds true.
Buyers need to be working realtors who know the market, and know the minute a new home comes on the market. That’s what it often boils down to – seeing a home and making an offer on day ONE. Best news in Ron’s spring forecast is that our prices are generally still 35%-40% less than they were at the peak of 2007, and so there are still tremendous values in Miami.