For Sale vs. Sold
For Sale vs. Sold
Here is a snapshot of the number of homes for sale versus sold at the end of each month in Miami Dade.
For Sale are the number of properties for sale at the end of the month.
Pended numbers represent the number of properties that went into the “pending” status for that month.
New Listing numbers represent the number of properties that are newly listed for that month.
Sold numbers represent the number of properties that are sold for that month.
Average Price per Square Foot
Average Price per Sqft is the average of sold price divided by square footage of sold listings. It helps to establish the market price for an average home. Note, prices need to be adjusted to consider condition, lot size, amenities such as garage or pool etc.
Days on Market
DOM is the number of days a property is on the market from the time it is listed until pended. This graph takes the average DOM of sold properties. It helps to establish the average listing period for specific neighborhoods.
Sold/List Diff. % represents the percentage difference between sold price and original list price of sold properties.
Average Price For Sale & Sold
Average Price For Sale is the average list price of the properties for sale in a particular month. Average Price Sold is the average sold price of the properties sold in a particular month.
This helps determine whether the market is a buyer or seller market. When the average list price and average sold price are the closest, the area has the healthiest market. If the average sold price is below the average list price, and falling, the market is moving toward a buyers’ market. If the average sold price trend is up or above the average listing price, the market is moving toward a sellers’ market.
Months of Inventory
Months of Inventory based on Closed Sales (MOI based on Closed Sales)
MOI based on Closed Sales = the number of properties for sale divided by the number of properties sold.
As a general rule of thumb, an inventory level of less than three months indicates a strong seller’s market while an inventory level greater than six month’s indicates a buyer’s market.