Since one year ago, the number of active listings is up % while the sold properties are up 108.7%.
The pended listings (under contract) are down 57.1% compared to last year. 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 10.2% over last year. The price per square foot of a single-family residence, is approximately $164 per square foot – which is a/an increase of 11.7% over last year.
Part of the reason for the increase of inventory: Homes remain on the market an average of 34 days (figured quarterly)— a decrease of 10.5% over last year. Homes are selling within 97% of their originally listed price.
The average listed price in Zip Code 33028 (Pembroke Pines) is $466,000 — a 13.3% increase over last year. The average sold price is $361,000.
Important information: Months of Inventory. Currently, Pembroke Pines, Florida, Zip Code 33028, is experiencing 4.4 months of inventory which is indicative of a Seller’s market. 4.4 months of inventory is extremely low. Just because there was a 167.6% increase (figured quarterly) over last year does not mean we have a Buyer’s market. It is indicative that our inventory one year ago was extremely low at .8%.
These numbers are indicative of traditional sales and do not include distressed properties (foreclosures) or short sales.
According to the MLS, zip code 33028 experienced 344 closed sales of which 109 were cash, 170 were conventional, and the other were various forms of financing.
It is time to list, time to sell, time to upsize, time to downsize — money is still inexpensive to borrow.
FactsAndTrendsReport – Pembroke Pines 33028 for July 2014
Consider what is happening nationally:
http://www.youtube.com/watch?v=XqANTwRZMSs&list=UUYtGzq6NWZobuP02mpK_FPA