August-2024 Home Sales Trends in Miami-Dade County, Florida
As a prospective buyer or seller in the current real estate market, it is important to understand the correlation between key metrics to make informed decisions.
The Months Supply of Inventory, which currently stands at 4.14, indicates the number of months it would take to sell all available homes on the market if no new listings were added. A lower number suggests a seller's market, while a higher number indicates a buyer's market.
The 12-Month Change in Months of Inventory, which has increased by +14.68%, shows a shift in market conditions towards a more balanced or buyer-friendly environment. This could mean more options for buyers and potentially less competition for sellers.
The Median Days Homes are On the Market, at 28 days, is a reflection of the average time it takes for a property to sell. A shorter duration suggests high demand and quick turnover in the market.
The List to Sold Price Percentage, currently at 96.7%, indicates that homes are typically selling close to their listing price. This can be reassuring for sellers looking to maximize their return on investment.
Lastly, the Median Sold Price of $636,000 gives an idea of the average price at which homes are selling in the current market. This can be a helpful benchmark for both buyers and sellers to gauge the value of properties in the area.
Overall, these metrics paint a picture of a dynamic real estate market with a balanced supply and demand, reasonable pricing, and relatively quick turnover. Whether you are looking to buy or sell, it is essential to consider these factors to make the most of your real estate transactions.
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By
Brian Rice
Brian is the owner and managing Broker at Real Estate Kingz LLC, a Florida licensed Real Estate Brokerage. You can contact Brian at 866-735-4649 (866-Re-Kingz) or visit BrianRiceRealtor.com