Since one year ago, the number of active listings is up 25.9% while the sold properties are down 8.1%.
The pended are down 22.4%. 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% compared to last year. The price per square foot of a single-family residence is approximately $204 per square foot – which is a/an increase of 5.7% over last year.
Part of the reason for the increase of inventory: Homes remain on the market an average of 84 days — an increase of 15.1 over last year. Homes are selling within 92% of their originally listed price. There are fewer and fewer price reductions.
The average list price in Weston, Florida is $951,000 — a 3% increase over last year. The average sold price is $578,000.
Important information: Months of Inventory. Currently, Weston is experiencing 8.3 months of inventory which is indicative of a buyer’s market. This is an 36.3% increase from a year ago.
In December of 2015, the months of inventory dipped to 3.3, then climbed to 6.5 in January of 2016 to land at 8.3 in February. We will watch this graph to see where it goes.
It is time to list, time to sell, time to upsize, time to downsize — money is still inexpensive to borrow.
Consider what is happening nationally:
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 349 single-family homes listed for sale. 18 of those listings are short sales and 12 are foreclosures. The highest priced home is a sprawling estate in Bonaventure listed at $7.5 Million.
Of the 373 closed sales for the past six months, 115 buyers paid cash!
What about the luxury market?
Of the 373 homes sold in Weston, Florida for the past six months, 15 were priced over One Million Dollars, and six of those homes were purchased with cash. There are currently 70 homes in Weston priced over One Million Dollars.
If you are serious about getting the highest price, now is the time to sell. As inventories increase, prices will level.
See you next month — in blog training class!