Coldwell Banker’s regional V.P., Charles Richardson sent all his agents a great message yesterday that I would like to share with you.
Although there is still plenty of challenge remaining in the Miami housing market, sales are up a whopping 62% in the first 8 months of this year, compared with the same time last year! Interest rates remain steady and inventory is down. There are currently 34% less homes on the market right now from the same time last year. Inventory supply has also decreased considerably from a 30 month inventory supply in January to an 18 month supply in August. Charles, and I included, believe there might not be a better time to buy than now.
According to RAMB (Realtor Association of Miami and the Beaches) sales in the luxury marketplace are soaring. In the first quarter of 2009, 74 homes over $1 Million sold in Miami-Dade County. In the 2nd quarter of 2009, this amount has doubled, to 139 luxury homes sold!
All these signs indicate a stabilizing market and one prepared to offer value to buyers not attainable in the last few years. The continuing stabilization and buyer confidence will also provide opportunity for sellers. Although there is still pricing pressure in Miami, with this continued stabilization, we should feel excited about the prospects ahead.
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Lynn Cromer & Robin Parker are real estate sales and marketing professionals for Coldwell Banker in beautiful Pinecrest, Florida. For more information on Pinecrest, Florida or the communities of Coral Gables, Palmetto Bay and Coconut Grove, Lynn can be reached at 305-962-4068, Robin at 305-546-0447, by email at info@WeSellMiami.com or online at www.WeSellMiami.com.
