Miami: Sales Of Existing Homes Down 10%
Miami-Dade and Broward Counties,Florida, bucked the trend in February. While the sales of existing homes rose 8% statewide, the buying there dropped. "In February, just 824 existing homes sold in Broward, a decline of 16 percent from a year ago. And in Miami, 767 homes sold, a drop of 10 percent."
This occurred even as prices continued higher, a trend readers of this blog will recognize. "In Miami-Dade, the median sales price of an existing home topped $300,000 for the first time, climbing 28 percent over last year to $309,800. In Broward, costs are even steeper; the $319,400 median price is up 32 percent from $242,100."
The story is filled out by RE professionals trying to rationalize the fall. I apologize for the secondary, crude link.
6 Comments:
You did not include this comment in your post regarding Miami which is a market I work in.
Experts say the housing market is getting squeezed from two
sides. "We have too many buyers chasing too few sellers,"
said Ron Shuffield, president of Esslinger-Wooten-Maxwell
Realtors...
...The rare homes listed in that price range sell almost
immediately. "There are five, six or seven offers," Butler
said. "There is a lot of pent-up demand."
This is the reason for lower sales not a Housing Bust. I pulled 10 listings today to show a buyer and 8 of the 10 had already sold! (Within days of listing them.) We have such a low inventory of good homes, thus Supply and Demand kicks in and prices increase.
This is not a bunch are realtors rationalizing. This is the market here.
sellreal8,
I would call it rationalizing when the reason given is that there are not enough homes that are cheap enough..Ben
Here is a great article: Surprize, you're a landlord !
http://wallstreetexaminer.com/?itemid=605
Notice:
Blogger is doing some work on their servers this morning and I am not able to post as of 8AM. Please check back later. Thank you! Ben
sellrealest8:
Where are these buyers coming from ? Are they new to the Miami area ? Where are they living now ?
Alot of them are job transfer's. And for some reason people look at the Map and look to find the farthest place south and just north of the Keys for a 2nd home.
Ben said: I would call it rationalizing when the reason given is that there are not enough homes that are cheap enough..
That does not make sense. It is Supply and Demand. Why would I sell my house for $100,000 less to just make it more affordable for a buyer? My objective is to sell at the highest price that a buyer would pay. I would have to have more homes than buyers for a leveling of prices or even a decrease.
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