Before I get started, let me take a quick moment to wish a happy Veteran's Day for those among you reading this that have served in our country's armed forces. With much respect and gratitude, we thank you for your service!
Today I will be breaking down October's numbers, which were published yesterday by Trendgraphix and provides a concise summary on all markets across Miami-Dade county. This update is an important one for anyone looking to take some decisions regarding buying or selling by the end of 2023 or at the beginning of 2024. As always, please take note that this is a general outlook across Miami-Dade county, please reach out to us directly to discuss and review more specific information regarding your home.
The two charts below are a summary of all residential real estate activity in Miami-Dade county and overall months of inventory.
Compared to last month's numbers, inventory is up and sales remain steady as the market enters the winter season. There's a slight increase of just below 9% in available homes and a slight decrease of about 7.5% in home sales. Pending sales are slightly up but much higher when compared to the end of 2022, likely occurring due to better pricing across the board in most price points and markets. I can't speak for every single local market in all of Miami, but I am seeing better deals out there compared to earlier this year in the areas I serve. For savvy investors and buyers looking to capitalize on a less competitive market, the next few months is excellent timing for finding good opportunities. The best ones I've seen so far have seen decent price discounts that have improved the overall ROI to numbers greater than 6%.
Are we in a buyer's market?
Some pundits will see these figures and conclude that the market is shifting into a buyer's market. Inevitably, we will enter a buyer's market at some point in the future but we are not currently there. Despite the two month increase inventory over the past two months, there's still has less than six months of inventory overall across the county. More inventory, especially well priced inventory, would actually do the market some good, especially in lower price points with buyers longing more supply. The price points that need the most inventory is still the single family market under $1M and the condo market under $500k (although we've been finding some great inventory recently).
For the next few months, the best strategy I am recommending for any seller is to price to sell. It's still ok to have some negotiating room but to also stick to pricing within the realm of what recent sales are going for. Rates have slightly decreased over the past two weeks but the percent is still much higher than they were in recent memory. Buyers are still buying and specially in our market, but more than ever, the deal has to make sense in order for buyers to move forward.
Thank you for reading out latest post! For more information regarding this property or other Miami real estate, please contact us today! We can be reached at 305.674.4127 or via e-mail at [email protected]