If you live in Kendall zip code 33176, a Miami suburb, here's a closer look at the closed sales real estate market trends for single family homes, condos, and townhouses from May 2023 to May 2024:
Single Family Homes
1.
Increase in Closed Sales (8.9%): The 8.9% rise in closed sales for single-family homes suggests a healthy demand in the market. More transactions are being finalized, indicating that buyers are actively purchasing homes.
2.
Rise in Average Sales Price (10%): The median sales price has increased by 10%, reaching 1,033,564. This means that property values are going up, making homes in this area more valuable. If you own property here, your home is likely worth more now than it was last year.
3.
More Properties for Sale (37% Increase): The number of active listings, or available properties for sale, has gone up by 37%. This means that there are more homes on the market, providing buyers with more options. For sellers, this could mean more competition, so it's important to price your home strategically and make it appealing to potential buyers.
4.
Months Supply Increase to 2.1 from 3.9 : The supply of homes, which refers to the inventory available on the market, has increased to 3.9 months from 2.1 in 2023. This measure, known as the "months of supply," indicates how long it would take to sell all the current listings at the current sales pace.
Despite the increase in supply, the market remains a seller's market in the single-family property types, as a balanced market typically has around 5-6 months of supply. The rise to 3.9 means it now takes a little over 1.5 more months to sell the existing inventory compared to last year.
This extended timeframe suggests that while demand is still strong, there are more options for buyers, giving them a bit more time to make purchasing decisions.
Condos and Townhomes
1.
Closed Sales: In zip code 33176, there was a notable increase in real estate activity with 81 properties sold, marking a significant 45% rise compared to the previous year. This uptick indicates growing demand and interest in townhomes and condos in the area.
2.
Average Sales Price: The average price for these homes increased by 12.0% to reach $341,215. This suggests that while more properties were sold, they also fetched higher prices, reflecting a strengthening market where sellers may see increased returns on their investments.
3.
Active Inventory: The number of homes available for sale saw a dramatic 166% increase, adding 44 more properties to the market compared to the previous year. This influx of inventory provides buyers with more choices and opportunities to find a property that meets their needs, though sellers may face increased competition.
4.
Months Supply of Inventory: This metric went from 1.5 to 2.8 represents how many months it would take to sell all current condos and townhomes in the 33176 market if no new listings were added. An increase from 1.5 to 2.8 months suggests that it would take longer to deplete the existing inventory at the current rate of sales.
The increase in months supply change suggests that while there is still demand, the market is becoming less competitive for sellers. With more inventory available, sellers may face increased competition, potentially impacting pricing dynamics.
Buyers, on the other hand, may find more options and possibly negotiate better terms. Overall, this shift indicates a transition from a seller's advantage to a market where both buyers and sellers may need to adjust their strategies to navigate evolving conditions effectively.
What Does This Mean to You
For Sellers: The increase in home values is good news if you're looking to sell, but be prepared for a competitive market.
Ensure your property stands out by highlighting its best features and pricing it competitively.
The longer time to deplete inventory means you might need to be more patient, but the strong demand still plays in your favor.
For Buyers: With more properties available for sale, you have a greater selection to choose from.
However, rising prices mean that you may need to act quickly to secure a property at a favorable price. The increased supply gives you a bit more time to make decisions, but the strong demand indicates a competitive environment.
This data snapshot highlights a dynamic market with increasing home values, more available properties, and a continued seller's market status. These trends offer opportunities and challenges for both buyers and sellers in the Kendall zip code 33176
Stay informed and make strategic decisions to navigate this evolving real estate landscape effectively.
About the Author: Liz Kenneally is a seasoned real estate agent in Miami with extensive experience in the city's dynamic market. Specializing in coveted neighborhoods such as Coral Gables, Dadeland, Continental Park, East Kendall, Palmetto Bay, Pinecrest, South Miami, and The Falls, Liz ensures smooth transactions for her diverse clientele. Fluent in both English and Spanish, she can be contacted at 786-423-3348 or through the EMAIL AGENT form provided alongside this blog.