Our fearless leader, Ron Shuffield, has posted his mid-year real estate update for Miami-Dade and Broward counties. Whether you watch the video or the online report, the data, facts, and trends he regularly provides us are a beacon light which guide EWM realtors and clients. Ron not only presents clear pictures of activity in the luxury and non-luxury markets during the first half of 2016, he previews what lays ahead with cash buyers and their ‘pent up demand’ for real estate, foreign buyers and currency rates, and the most important gauge of our real estate market: levels of inventory and the pace at which they are moving. Take 10-15 minutes and either watch or read Insight 2016 – you’ll be glad you did!
With 40%-50-% increases in luxury market inventory from June, 2105 through June, 2016 we can all take comfort in knowing that inventory levels appear to be leveling off. At this point in time the luxury market appears to have 12-18 months of inventory, and by comparison the less-than-$1million price range has a healthier 6-9 months of product on hand. My listings and sales in 2016 have predominantly been in the Coral Gables, Coconut Grove, South Miami, and Pinecrest neighborhoods, so I have graphed overall activity in both luxury and non-luxury market in those areas (see below). As portrayed in the Insight 2016 report, after a steady climb over the past year, inventory levels do appear to have leveled off in April, May, and June.
This property was SO special the Buyers made the offer without ever having given the slightest thought to moving! In a happenstance moment one Sunday afternoon the Buyers, who lived in the neighborhood many years ago, stopped by our open house with friends – partly to see the house that had been so talked about, and partly to say hi to their old friend. From that point on the afternoon took on a life of it’s own; old friends rekindled, “Cool House” lived up to it’s nick name, and these wonderful Buyers who had not given a moment’s thought to moving from Pinecrest fell in love and are now my neighbors. Congratulations to the most wonderful Buyers and Sellers. Best of luck to all of you.
To learn more about real estate in South Miami, High Pines, Ponce-Davis Estates, Coral Gables, Coconut Grove, Pinecrest, and Palmetto Bay, contact Val Byrne & Associates at [email protected] or at 305-323-6231. Val Byrne – Working For You!