The news for the month of October has not been encouraging for sellers.
In the single family home market, ten homes with an average price of $829k were on the market and there was only one sale. The average price per square foot for this sale was $261. There were no sales during July, August or September.
The condo market is more deeply affected by the recession in Aventura. There were 1033 condos for sale in October, 40 were sold and the average days on the market were 165 up from 130 the month before. Sales were 93% ofthe asking price and the average price sold was $306K
The important lesson to be learned from these statistics is that properties must be priced right when they first go on the market. The lowest price you can ask will get the attention of the market and it is wise to come out with that best price as soon as you go on the market then start too high and lower it as the months pass by.
On the other hand, this market should be encouraging for buyers. Interest rates are down to 5.5 for a 30 year fixed and with so much inventory on the market, offers will be well received.