Market Update: Pembroke Pines – Zip Code 33028: July 2016

It’s amazing how much the market has changed in the past fifteen months.

PPines chart for Robert

Since one year ago, the number of active listings is down 1.7% while the sold properties are down 11.1%  compared to last year.

The pended are down 4%. When the PENDED LISTINGS indicator is rising, our market is in recovery. Even though we are 4% down from last year, we are up 14.3% compared to last month. Contracts have been written and are anticipated to close.

Average home prices are up 8.3% compared to last year.  The price per square foot of a single-family residence, is approximately $168 per square foot – which is an increase of 3.7% over last year.

Part of the reason for the increase of inventory:  Homes remain on the market an average of 110 days — an increase of 115% over last year. Homes are selling within 96% of their originally listed price. That is an indicator that there may be fewer price reductions and/or homes are selling in fairly short order from when they were listed. This may be partly due to TRID*.

The average listed price in Pembroke Pines (Zip Code 33028) is $483,000 — an 8.3% increase over last year.  The average sold price is $447,000 – an increase of 18.9%.

Important information: Months of Inventory.  Currently, Zip Code 33028 (single family homes built after 1995) is experiencing 3.7 months of inventory which is indicative of a Seller’s market. This is a 12% increase from a year ago. However, regardless of the fact that the inventory increased 12% over last year, we are so low in inventory, that the 12% is not that significant!  That is why we are still in a Seller’s market.

It is time to list, time to sell, time to upsize, time to downsize — money is still inexpensive to borrow.

Let’s listen to our president, Ron Shuffield, as he gives an update of the market:

Consider what is happening nationally:

https://youtu.be/8BEQUdvWXxE

_________________

Would you love to view all the aforementioned graphs?

*In November 2013, the Consumer Financial Protection Bureau (CFPB) integrated the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations. Any transaction involving a mortgage will use new CFPB disclosure forms. The new TRID rules and forms took effect on October 3, 2015 (NAR)

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Save

Spread the word. Share this post!