This is what the market trends are showing in the Pembroke Pines and Miramar zip code 33029.
Since one year ago, the number of active listings is up 38.1 % while the sold properties are down 16.3%.
The pended are up 55.6%. When the PENDED LISTINGS indicator is rising, our market is in recovery. Contracts have been written and are anticipated to close.
Average home prices are up 3.6% compared to last year. The price per square foot of a single-family residence, is approximately $154 per square foot – which is an increase of $5 per square foot over last year.
Part of the reason for the increase of inventory: Homes remain on the market an average of 62 days — an increase of 6.9% over last year.
Homes are selling within 95% of their originally listed price.
The average listed price in 33029 is $483,000 a 6.6% increase over last year. The average sold price is $395,000.
Even though there is an increase on months of inventory, 4.5% months to sell a house is not bad at all.
It is time to list, time to sell, time to up size, time to downsize — money is still inexpensive to borrow.
Consider what is happening nationally:
https://www.youtube.com/watch?v=i2VAk7JUNWs
Prognosticators stated that 2015 would bring an increase in inventory, which is a welcome relief to buyers, who are competing for great homes and creating a multiple-bid situation in the hottest of neighborhoods.
The housing market is extremely competitive from April through June. The most serious buyers are well aware of this and double their search efforts in early Spring in order to beat the heavy competition. These buyers are ready, willing and able, and as you can see below, are carrying cash.
There are currently 170 single-family homes listed for sale. 24 of those listings are short sales and 20 are foreclosures. The highest priced home is basically land which is listed over $3,750,000 Million.
Of the 157 closed sales to date, 42 buyers paid cash!
If you are serious about getting the highest price, now is the time to sell. As inventories increase, prices will level.