How’s the market?

How's the Market?

First principle: Supply and demand is like a seesaw.

“Sellers Win” Market

SellersWin_Green

Low inventory creates upward pressure on values. The SELLER has the advantage.

“Neutral” or Balanced Market

BalancedMarket

If inventory and demand are balanced, values are normally stable. Neither buyers nor sellers have an advantage.

“Buyers Win” Market

BuyersWin_Red

High inventory creates downward pressure on values. The BUYER has the advantage.

Months of Inventory

singlefamily_0219-3
condo_0219-3

New Market vs. Old Market

Condition and price are both much more of a factor in the new market than they were in the old market.  (See the graph below.) Many of today’s buyer’s have a “wait and see” attitude.  The buyer frenzy of the old market is over.  More and more sellers are reducing their asking prices while values in most neighborhoods are either flat or going up much more slowly than they were in the old market.

Affordability in our area is suffering with high property taxes and insurance.  The condo market has more variables to consider than the market for single family houses. Oceanfront locations, 55+ complexes, assessments, reserves, litigation and other factors can create unique markets for individual complexes.

More sellers are pricing themselves “out of the market”.  Their properties are listed for sale, but at a price that causes the property to sit instead of causing it to sell. For additional information, please refer to our section on How to Sell Your Home Fast

For more exact guidance, please contact Pablo Martin directly at (754) 234-6207.

Old Market

Seller's Market
This is the type of market most Sellers in south Florida are accustomed to. Most of the homes for sale are priced IN the market. Prices for similar properties are in a smaller range. Only those that are severely overpriced are priced OUT of the market.

New Market

Buyer's Market
In this type of market, most of the properties for sale are actually priced OUT of the market, and have no real chance of selling. In order to be priced IN the market, sellers in a buyer's market must price much more competitively and aggressively than their neighbors. Only the very best deals will sell.

Single Family Homes

The yellow columns indicate the average days on market to sell.  The green line shows how much of their asking price sellers got on average, for the properties that sold.

Condos, Co-ops, Villas and Townhomes

The yellow columns indicate the average days on market to sell.  The green line shows how much of their asking price sellers got on average, for the properties that sold.

Last 15 years, all property types, all price ranges

Average Sale price (in red) for the last 15 years

Houses Average Sales Price in Red

It should be noted that the large difference between the average asking price and the average sale price is due to the extremely large number of unsold properties in the higher price ranges.

Condo Average Sale Price in Red

It should be noted that the large difference between the average asking price and the average sale price is due to the extremely large number of unsold properties in the higher price ranges.

SINGLE-FAMILY HOUSES

Houses 0 to $299,999

Houses $300,000 to $499,999

Houses $500,000 to $699,999

Houses $700,000 to $999,999

Houses $1 million to $2 million

CONDOS

Condos 0 to $249,999

Condos $250,000 to $349,999

Condos $350,000 to $499,999

Condos $500,000 to $749,999

Condos $750,000 to $999,999

Condos $1 million to $2 million

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