Monday, March 05, 2007

Miami Shores, Florida - Market conditions

It is a full-blown buyer’s market, no matter what price range you are referring to. We have over 20 months of inventory and still very few buyers which means that as a seller you have to take the extra step to make your property stand out. What can you do to make it stand out? Please follow this link to read Craig Schiller’s article on staging, he’s a talented and successful stager in The Chicago area. Pricing is THE most important factor when selling a property, sellers are competing with many other properties, and buyers are looking at the best priced listings first.

There are currently 183 single-family listings in Miami Shores, Florida:

  • Highest priced listing: $3,950,000
  • Lowest priced listing : $329,900
  • Properties currently under contract: 6
  • Closed properties since 1/1/2007: 8

Property values have remained steady in Miami Shores and have not dropped like many other areas in Miami. Miami is number 3 in the highest portion of households in foreclosure in the nation, according to Business 2.0 Magazine.

This graph shows the movement in different price ranges in Miami Shores. Please note that the $200,000 and under market was omitted because there are no listings in that price range. The highest number of sales has occurred in the $400,000 -$600,000 range price, but it is also the range price with the most inventory. The least number of sales have been in the $600,000-$800,000 range price.

For more information about Miami Shores Real Estate and Miami Shores Market Conditions, please contact RICK & INES, Your Property Pros.