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Judy Wolf-Seigel
Coldwell Banker
12155 S Dixie Highway
Miami, FL 33156
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Are the Great Housing Buys in Miami Disappearing?

Is the party almost over? Are the “bargain homes” being snatched up from the market?

An analysis of the housing numbers says yes. The inventory of homes in Miami-Dade County has gone down consistently for the past 9 months.

In August of 2008, 1547 homes in Miami sold. In August of 2009, 2836 homes in Miami sold. That is an increase in the number of homes sold of 83% in just one year.

In August of 2008 there were 41,101 homes on the market in Miami. In August of 2009 there were 27,083 on the market in Miami. That is a reduction in inventory of over 33% in one year.

www.trendgraphix.com/MIA/charts/DCO0-01-0129-1-38-1B-200908.png

According to the law of supply and demand, as demand increases and supply decreases prices go up.

I recently put a home on the market in Palmetto Bay, Florida. I priced it at $229,900 for a 4 bedroom, 1700 square foot home on an 8,000 square foot lot. I received many calls on the home and have two offers on it.

The homes under $300,000 in Palmetto Bay are disappearing quickly. The buyers can sense this developing trend and are hurrying to buy homes in this price range before they are all gone. Once that happens these buyers will no longer be able to buy a home in this desireable area.

The mortgage interest rates are at an all time low, the government is offering an $8,000 tax credit for new home buyers that expires Dec. 1, 2009 and there is still a sizable selection of wonderful homes on the market.

“What do you think?” “Is this the right time to buy a home in Miami?”

Duh?

Posted by Judy Wolf-Seigel on October 01, 2009 at 08:18 am

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