September numbers are in. Here’s a quick comparison of how September 2009 compared to September 2008.
In Miami-Dade County, there were 46.2% fewer single family homes for sale at the end of September 2009 than there were at the end of September 2008, and there were 33.7% more sales recorded in September 2009 than there were in September 2008. The condo and townhouse market was similar with inventory levels down 29.4% and sales up 39%.
The Village of Pinecrest: 18.1% fewer homes on the market and sales up 171.4% from the same month a year ago. Available condos and TH’s went down 49.5% while sales remained steady with no increase or decrease.
The Village of Palmetto Bay: Inventory levels went down 47.9% while sales went up 47.1%. Condo and TH’s , quantities for sale decreased 41.7, sales went up 100%.
Cutler Bay: 61% fewer homes for sale in Sept. 09 than there was in Sept. 08. Sales shot up 52.2% Condos and townhouses numbers went down 43.2% while sales increased 400% from the same month last year.
Still not convinced the market is shifting? Take a look at the 5 year graph for Miami-Dade County real estate activity.
So what does this mean?
If you’re a buyer, your options to choose from are a great deal fewer today than they were last year. Fewer homes to choose from means competition with other buyers. Multiple offers are already occurring. As competition grows, so will the odds of you paying a higher price. Higher prices turn into higher appraised values for similar homes. Property values stop decreasing, level off, and start to rise again.
Bottom line… if you plan to buy, it really is time to get serious.
