miami homes market update sept 5th2011

8/4/2019 MIAMI Homes Market update Sept 5th2011

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MARKET UPDATEEkaterina Bazyka's

Current Real Estate Market Conditions for Single Family Homes

Trends in Pricing Current Levels of Supply and Demand

Value Metrics

Report for the week ofSeptember 05, 2011

Presented by Ekaterina BazykaLuxury Home Specialisthttp://www.luxmiamirealestate.com - [email protected]

MIAMI,

Powered by Altos Research LLC | www.altosresearch.com | Copyright 2005-2010 Altos Research LLC


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Median List Price

Median Lot Size

22.0

Percent Relisted (reset DOM)

1918

2.0

4 %

Median Number of Bathrooms

184

Inventory of Properties Listed

$ 125

Percent Flip (price increased)

6,501 - 8,000 sqft

Median House Size (sq ft)

$ 249,000

25 %

3.0

Market Action Index

Median Number of Bedrooms

Asking Price Per Square Foot

5 %

Percent of Properties with Price Decrease

Strong Buyer's

+

+

+

==

Altos Research Value Statistics

Most Expensive Listing

Average Days on Market (DoM)

ottom/Fourth

Lower/Third

Upper/Second

Top/First

This Week Real-Time Market Profile Trend

The Market Action Index answers the question "How's the Market?" by measuringthe current rate of sale versus the amount of the inventory. Index above 30implies a seller's advantage. Below 30, conditions give the advantage to thebuyer.

Supply and Demand

Characteristics per Quartile

28 363200

1772.0 40

3.0

92

167

3.0 1005

174

72

104

0.25 - 0.50acre

57

$ 190,000

88

37

1005

3.0

6,501 -8,000 sqft

462.0

13056,501 -

8,000 sqft

1005

$ 94,000

4.0

218

6,501 -8,000 sqft$ 300,000

4.0$ 665,000

32

108

2162

The Market Action index has beentrending down lately, while days-on-market is climbing, providing mostlybearish signs for the market.

Monday September 5, 2011

Ekaterina Bazyka | Luxury Home Specialist | 954.224.0311

1005

1711

2.0

The median list price in MIAMI, FL thisweek is $249,000. The 4020

properties have been on the marketfor an average of 184 days.

Most expensive 25% of properties

Upper-middle 25% of properties

Lower-middle 25% of properties

Least expensive 25% of properties

Quartile Median Price Lot Size Beds Baths Age Inventory New Absorbed DOMSq. Ft.

No change

Strong upward trend Strong downward trend

Slight upward trend Slight downward trend+

==

=

MIAMI

City Overview

Least Expensive Listing

Average List Price

Average Age of Listing

4020

$ 16,500,000

$ 15,600

$ 384,557

40

Trend Key:

Home sales have been exceedingnew inventory for several weeks.Since this is a Buyer's market pricesare not yet moving higher as excessinventory is consumed. However, asthe supply and demand trendscontinue, the market moves into theSeller's zone, and we are likely tosee upward pressure on pricing.

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City OverviewMIAMI


Median PriceThe market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability ofthis trend.

90-day Average7-day Average

Quartile PricesPrices have settled at a price plateau across the board. Prices in all four quartiles are basically mixed. Look for a persistent shift(up or down) in the Market Action Index before prices move from these current levels.

First/Top Second/Upper Third/Lower Fourth/Bottom

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City OverviewMIAMI


Price per Square FootThe market plateau is seen across the price and value. The price per square foot and median list price have both beenreasonably stagnant. Watch the Market Action Index for persistent changes as a leading indicator before the market moves fromthese levels.


Inventory of Properties Listed for SaleInventory has been relatively steady around these levels in recent weeks.


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City OverviewMIAMI


Market Action IndexThe MIAMI market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Index stands at22.05. With several months of inventory available at the current sales rate, buyers should find ample choice.

Buyers/Sellers Cutoff90-day Average

Market Action Index per QuartileNot surprisingly given the overall Market Action Index, all quartiles are in the Buyer's Market zone with several months ofinventory given the current rate of demand for homes in the quartile. Watch the quartile for changes before the overall marketshifts. Often one end of the market (e.g. the low end) will improve and signal a strengthening market before the whole group

changes.


Buyers/Sellers Cutoff

Residential house prices are a function of supply and demand, and market conditions can be characterizedby analyzing those factors. Watch this index for sustained changes: if the index falls into the BuyersAdvantage zone (below 30) for a long period, prices are likely in for a downward correction.

The Market Action Index (MAI) illustrates a balance between supply and demand using a statistical functionof the current rate of sale versus current inventory.

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City OverviewMIAMI


Days on MarketThe properties have been on the market for an average of 184 days. Half of the listings have come newly on the market in thepast 119 or so days.


Days on Market per QuartileIt is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.


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Median List Price

Median Lot Size

20.4


2590

3.0

0 %


216


$ 210


8,001 - 10,000 sqft


$ 595,000

24 %

4.0

Market Action Index



0 %


Strong Buyer's

+

=

+

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


12 03661

1903.0 74

3.5

0

74

3.0 5

242

0

0

0.25 - 0.50acre

70

$ 499,000

0

0

6

6.0

8,001 -10,000 sqft

04.0

19838,001 -

10,000 sqft

5

$ 315,000

4.0

353

8,001 -10,000 sqft$ 659,000

5.0$ 2,150,000

72

1

2880




5

2432

2.0

The median list price in MIAMI, FL33129 this week is $595,000. The 21







No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


21

$ 16,500,000

$ 230,000

$ 1,493,952

56

Trend Key:

Inventory levels have been relativelyconsistent relative to sales. Despitethe fact that there is a relativelyhigh amount of available inventory,this Buyer's market is still seeingprices move higher. Given inventorylevels, these price conditions arerelatively fragile. If the marketcools off further, the price trend islikely to reverse.

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Neighborhood DetailMIAMI, FL 33


Median PriceThe market for this zip code continues its bounce again this week. We're a long way from the market's high point so watch theMarket Action Index to predict how long this trend will last.


Quartile PricesIn the quartile market segments, we see the market for this zip code showing mild price weakness lately. Quartiles 1 and 2 arebasically flat. Notice however, that Quartile 4 at the low-end of the market is still on an up-trend. Often this condition happensin markets where demand has fallen (for example, due to micro-location variables) but supply is still relatively short. Buyers arefocusing on the lowest price homes in the area.


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Price per Square FootIn a market where prices are rising mildly, price per square foot is essentially flat. This often implies that new homes coming onthe market are pricier, and also larger than older homes. As a result the value one can buy stays the same.




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Market Action IndexThe MIAMI, 33129 market is currently quite strongly in the Buyer's Advantage zone (below 30). The 90-day Market Action Indexstands at 20.36. With several months of inventory available at the current sales rate, buyers should find ample choice.


Market Action Index per QuartileNot surprisingly, all quartiles are in the Buyer's Market zone with several months of inventory given the current levels ofdemand. Watch the quartiles for changes before the overall market shifts.





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Median List Price

Median Lot Size

16.9


2088

3.0

4 %


246


$ 224


8,001 - 10,000 sqft


$ 472,000

25 %

4.0

Market Action Index



8 %


Strong Buyer's

+

+

+




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


60 04466

2602.0 71

3.5

1

232

3.0 12

156

0

0

0.50 - 1.0acre

72

$ 354,500

1

1

12

5.0

6,501 -8,000 sqft

14.0

14104,501 -

6,500 sqft

12

$ 0

4.0

345

0.25 - 0.50acre$ 701,500

4.5$ 3,247,500

67

1

2727

The Market Action Index has beentrending down recently, but as days-on-market decreases also, there arenot strong signals for the direction ofthe market.



12

1700

2.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


48

$ 8,500,000

$ 0

$ 1,345,604

64

Trend Key:


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Median PriceWe continue to see prices in this zip code bouncing around this plateau. Look for a persistent up-shift in the Market Action Indexbefore we see prices move from these levels.


Quartile PricesIn the quartile market segments, we see pricing in this zip code is lacking strong directional indication lately. Quartiles 1 and 3are up while Quartiles 2 and 4 are basically flat in recent weeks. Watch for persistent shifts in the Market Action Index for aleading indicator of stronger price moves in the market as a whole.


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Median List Price

Median Lot Size

21.0


1939

2.0

6 %


273


$ 116


4,501 - 6,500 sqft


$ 219,500

25 %

4.0

Market Action Index



6 %


Strong Buyer's

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


85 02784

02.0 84

3.0

1

0

3.5 4

158

0

0

6,501 -8,000 sqft

86

$ 194,500

0

1

4

3.5

4,501 -6,500 sqft

12.5

14424,501 -

6,500 sqft

4

$ 172,500

3.5

301

4,501 -6,500 sqft$ 232,000

4.5$ 333,950

66

2

1695

Inventory has been decreasing latelybut the Market Action Index is fallingalso. With days-on-market climbing,these are relatively negativeimplications for the market.



4

2254

2.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


16

$ 399,900

$ 79,500

$ 230,314

75

Trend Key:


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Median PriceThis week prices in this zip code bumped up a bit but the trend of recent weeks is generally downward. A pickup in demand willbe reflected in the Market Action Index, so watch that chart to try to identify a trough in the market.


Quartile PricesIn the quartile market segments, we see the lower half of this zip code is showing slight pricing weakness, while the upper halfof the market is slightly positive. Quartile 1 has been trending up recently, but unless we see a persistent up-shift in the MarketAction Index, it will likely resume the trend of the rest of the market.


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Price per Square FootThe market's downward trends are shared across both price and value. People are recently placing less value on homes (you cansee the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as aprecursor to price and value changes, possibly as inflection points for good investment opportunities.


Inventory of Properties Listed for SaleInventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look tothe Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.


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Median List Price

Median Lot Size

17.9


1400

2.0

0 %


177


$ 144


4,501 - 6,500 sqft


$ 219,950

36 %

3.0

Market Action Index



4 %


Strong Buyer's

+

+

==

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


72 01523

1592.0 61

3.0

0

247

3.0 7

0

0

0

4,501 -6,500 sqft

63

$ 199,000

3

0

7

2.0

4,501 -6,500 sqft

13.0

12994,501 -

6,500 sqft

7

$ 150,000

4.0

108

6,501 -8,000 sqft$ 229,000

3.0$ 335,000

70

4

1731

Even though the days-on-market istrending higher, so is the MarketAction Index at these inventorylevels, providing a neutral outlook forthe market.



7

1363

2.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


28

$ 422,900

$ 94,900

$ 231,679

64

Trend Key:

The market has shown someevidence of slowing recently. Bothprices and inventory levels arerelatively unchanged in recentweeks. Watch the Market ActionIndex for changes as it can be aleading indicator for price changes.

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Quartile PricesIn the quartile market segments, we see prices in this zip code have settled at a price plateau across the board. Prices in allfour quartiles are basically mixed. Look for a persistent shift (up or down) in the Market Action Index before prices move fromthese current levels.


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Price per Square FootWhile prices have been basically flat, the price per square foot has been heading downward. While not a sign of broad strengthin a market, larger homes are coming more available and buyers are tending to get more home for their money.




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Median List Price

Median Lot Size

16.3


2100

3.0

4 %


200


$ 246


6,501 - 8,000 sqft


$ 496,500

28 %

4.0

Market Action Index



6 %


Strong Buyer's

+

+

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


32 03916

2033.0 61

3.0

2

116

3.0 20

199

0

2

0.25 - 0.50acre

64

$ 347,500

2

1

20

4.0

6,501 -8,000 sqft

03.0

13674,501 -

6,500 sqft

19

$ 192,000

4.0

285

6,501 -8,000 sqft$ 750,000

5.0$ 1,475,000

60

4

2436




19

1887

2.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


78

$ 3,599,000

$ 74,500

$ 747,779

52

Trend Key:

The market has settled in at arelative stasis in inventory and salesconditions. It's a Buyer's market thathas seen prices trend lower. Expectthat consistent up trends in demandwill be required before price trendschange significantly.

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Median PriceWe continue to see prices in this zip code hovering around these current levels, even though they bumped up a bit this week.Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.


Quartile PricesIn the quartile market segments, we see the market's price weakness evident across the board. Quartiles 2, 3, and 4 have beenin price decline in recent weeks, with Quartile 1 remaining basically flat. Look to the Market Action Index as a leading indicatorof the bottom of the market.


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Price per Square FootWhile prices have been basically flat, the price per square foot has been heading downward. While not a sign of broad strengthin a market, larger homes are coming more available and buyers are tending to get more home for their money.




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Median List Price

Median Lot Size

3.6


1396

2.0

0 %


153


$ 151


4,501 - 6,500 sqft


$ 182,500

17 %

2.5

Market Action Index



0 %


Strong Buyer's

+

+

+

==

+




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


71 04455

563.5 66

3.5

0

525

4.0 2

60

0

0

4,501 -6,500 sqft

74

$ 182,500

0

0

2

3.0

Less than4,500 sqft

02.0

11314,501 -

6,500 sqft

1

$ 108,750

2.0

161

4,501 -6,500 sqft$ 399,000

3.0$ 675,000

94

0

1453

Days-on-market has been trending uprecently but the Market Action Indexand inventory levels are basically flatand not providing strong indicationsfor the market.



1

908

1.5








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


6

$ 675,000

$ 97,500

$ 276,083

74

Trend Key:

The Market Action Index has beentrending lower for several weekswhile prices have remainedrelatively stable. If inventorycontinues to grow relative todemand however, it is likely that wewill see downward pressure onpricing.

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Quartile PricesIn most of the quartile market segments, we see prices in this zip code have stabilized recently. Only Quartile 4 shows any priceincreases in the last few weeks. Often this condition happens in markets where demand has fallen (for example, due to micro-location variables) but supply is still relatively short. Buyers are focusing on the lowest price homes in the area.


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Median List Price

Median Lot Size

16.8


2132

2.0

5 %


209


$ 187


8,001 - 10,000 sqft


$ 399,000

25 %

3.0

Market Action Index



6 %


Strong Buyer's

+

+

+

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


60 03114

1572.0 63

3.0

2

211

3.0 39

208

2

3

0.25 - 0.50acre

69

$ 329,000

4

1

39

4.0

8,001 -10,000 sqft

33.0

14996,501 -

8,000 sqft

39

$ 174,900

3.0

261

8,001 -10,000 sqft$ 475,000

4.0$ 977,000

62

3

2394




38

1908

2.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


155

$ 3,700,000

$ 39,900

$ 527,157

63

Trend Key:


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Quartile PricesIn the quartile market segments, we see prices in this zip code generally settled at a plateau, although Quartile 3 has beendeclining in recent weeks. We'll need to see a persistent shift in the Market Action Index before we see prices across the boardmove from these levels.


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Median List Price

Median Lot Size

26.1


2289

3.0

10 %


191


$ 116


4,501 - 6,500 sqft


$ 269,950

12 %

4.0

Market Action Index



6 %


Buyer's Advantage

+

+

+

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


9 12415

1843.0 14

3.0

2

177

4.0 17

121

2

5

4,501 -6,500 sqft

18

$ 249,000

0

0

17

3.0

4,501 -6,500 sqft

23.0

19114,501 -

6,500 sqft

17

$ 179,000

4.0

279

4,501 -6,500 sqft$ 295,000

4.0$ 350,000

16

2

2351

Inventory has been lightening latelyand the Market Action Index has beentrending up. These are mildly positiveindications for the market.



17

2272

2.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


68

$ 650,000

$ 94,760

$ 275,133

15

Trend Key:


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Market Action IndexThe MIAMI, 33193 market is currently in the Buyer's Advantgae zone (below 30), though not strongly so. The 90-day MarketAction Index stands this week at 26.10 so buyers should expect to find reasonable levels of selection.







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Median List Price

Median Lot Size

22.0


2728

3.0

0 %


197


$ 112


4,501 - 6,500 sqft


$ 260,000

30 %

4.0

Market Action Index



0 %


Strong Buyer's

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


7 02988

2403.0 7

3.0

0

0

4.0 3

117

1

0

6,501 -8,000 sqft

4

$ 250,000

1

0

3

3.0

6,501 -8,000 sqft

13.0

25624,501 -

6,500 sqft

2

$ 232,900

4.5

318

4,501 -6,500 sqft$ 350,500

5.5$ 454,950

8

0

2865

Inventory is tightening and days-on-market is falling. The Market ActionIndex shows demand heating up.These are relatively bullish signs forprices.



2

2358

3.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


10

$ 490,000

$ 210,000

$ 304,870

7

Trend Key:


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Median PriceAgain this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus theirabsolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leadingindicator for a trough in prices.




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Median List Price

Median Lot Size

22.0


2194

3.0

3 %


147


$ 115


4,501 - 6,500 sqft


$ 273,995

23 %

4.0

Market Action Index



3 %


Strong Buyer's

==

==

==

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


8 13078

1813.0 13

3.0

5

98

4.0 41

158

4

4

6,501 -8,000 sqft

22

$ 240,000

1

2

41

3.0

4,501 -6,500 sqft

03.0

17874,501 -

6,500 sqft

41

$ 175,000

4.0

149

4,501 -6,500 sqft$ 299,000

4.0$ 375,000

9

5

2194

The Market Action Index has beentrending down lately, while inventoryand days-on-market are climbing. Thetrends imply a weakening market.



41

2248

2.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


164

$ 3,950,000

$ 115,000

$ 325,515

14

Trend Key:


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Median PriceThe market for this zip code continues its bounce again this week. We're a long way from the market's high point so watch theMarket Action Index to predict how long this trend will last.


Quartile PricesIn most of the quartile market segments, we see prices in this zip code have stabilized recently. Only Quartile 4 shows any priceincreases in the last few weeks. Often this condition happens in markets where demand has fallen (for example, due to micro-location variables) but supply is still relatively short. Buyers are focusing on the lowest price homes in the area.


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Price per Square FootThe market appears to be placing an increasing premium on homes. When list prices and price per square foot consistentlyincrease in tandem, as they're doing now, you can often find short-term investment opportunities. Watch the Market ActionIndex for persistent changes as a leading indicator for these trends to flatten or drop.


Inventory of Properties Listed for SaleInventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the MarketAction Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.


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Median List Price

Median Lot Size

17.6


2505

3.0

8 %


222


$ 114


0.50 - 1.0 acre


$ 289,000

33 %

4.0

Market Action Index



12 %


Strong Buyer's

==

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


16 04762

1353.0 18

3.0

3

200

4.0 25

260

1

1

5.0 - 10acres

18

$ 235,000

2

0

25

4.0

6,501 -8,000 sqft

12.0

17054,501 -

6,500 sqft

25

$ 163,000

4.0

289

1.0 - 2.5acres$ 375,000

4.0$ 699,000

24

3

2808

The Market Action Index has beentrending down lately, while inventoryand days-on-market are climbing. Thetrends imply a weakening market.



24

2463

2.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


99

$ 1,500,000

$ 40,000

$ 403,204

20

Trend Key:

The market has settled in at arelative stasis in inventory and salesconditions. It's a Buyer's market thathas seen prices trend lower. Expectthat consistent up trends in demandwill be required before price trendschange significantly.

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Median PricePrices in this zip code have been on a downward trend recently and this week, while essentially flat, doesn't break us out ofthat cycle.


Quartile PricesIn the quartile market segments, we see the market's price weakness evident across the board. Quartiles 2, 3, and 4 have beenin price decline in recent weeks, with Quartile 1 remaining basically flat. Look to the Market Action Index as a leading indicatorof the bottom of the market.


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Inventory of Properties Listed for SaleInventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the MarketAction Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.


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Median List Price

Median Lot Size

22.7


1760

2.0

7 %


157


$ 90


6,501 - 8,000 sqft


$ 160,900

32 %

3.0

Market Action Index



3 %


Strong Buyer's

+

+

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


19 52287

1482.0 36

3.0

2

137

3.0 25

190

1

1

8,001 -10,000 sqft

47

$ 150,000

3

1

26

3.0

8,001 -10,000 sqft

32.0

14216,501 -

8,000 sqft

25

$ 100,000

3.0

153

6,501 -8,000 sqft$ 180,000

4.0$ 249,900

10

5

1943

The Market Action Index has beenclimbing lately while days-on-marketare trending down, these point to apositive near-term outlook for themarket.



25

1650

2.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


101

$ 415,000

$ 35,000

$ 174,704

30

Trend Key:


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Single Family Home


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Median PriceAgain this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus theirabsolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leadingindicator for a trough in prices.




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Price per Square FootDespite recently falling prices, the price per square foot has stayed reasonably flat. This implies that there's a portion of themarket being priced at a premium. You can investigate this condition in the quartile details.




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Median List Price

Median Lot Size

21.5


1631

2.0

2 %


179


$ 79


4,501 - 6,500 sqft


$ 129,950

30 %

3.0

Market Action Index



2 %


Strong Buyer's

+

+

+

==




ottom/Fourth

Lower/Third

Upper/Second

Top/First



Supply and Demand


5 12647

2822.0 22

3.0

0

118

3.0 12

177

0

3

4,501 -6,500 sqft

22

$ 116,000

0

1

12

3.0

4,501 -6,500 sqft

22.0

13684,501 -

6,500 sqft

11

$ 89,950

4.0

126

4,501 -6,500 sqft$ 159,900

4.0$ 239,900

6

1

1888

Inventory has been lightening latelyand the Market Action Index has beentrending up. These are mildly positiveindications for the market.



11

1404

2.0








No change



==

=

MIAMI, FL 33

Neighborhood Detail


Average List Price


46

$ 349,990

$ 55,000

$ 151,853

15

Trend Key:


age 67 of 246

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Median PriceWe continue to see prices in this zip code hovering around these current levels, even though they bumped up a bit this week.Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.




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Inv

miami homes market update sept 5th2011

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