How's the market?
Welcome to Chris Lardner Group. One of our goals here is to do our best to provide you with as much content, statistics, and valuable information as we can so you are prepared for your next home buy or sell.
This month's focus will be on the infamous question: “Hows the Market?”
The best answer to this question is: It depends. Are you asking because you want to buy, sell, invest or rent?
Surprisingly, for August 2020, the market is rebounding quite nicely. We don't know what the future holds of course, but, across Miami, closed sales, average months of inventory, and active inventory have all improved. If we were to classify this market as a buyer or sellers market, we can agree it still is a buyer market. Interest rates, as we all know, are in the high 2%, low 3%. This is exciting for any home buyers!
One interesting town to watch has been Cutler Bay. Their inventory has been slowly diminishing and buyers are flocking over because of their lower prices, larger lots, and upside potential.
Take a look below for city/town statistics for the month of June 2020.
Average Months of Inventory
(An estimate of the # of months to deplete the current inventory at the recent rate of sales)
( < 3 = sellers market )
Cutler Bay- 2.2
Coral Gables- 8.9
Coconut Grove- 8.1
Pinecrest- 9.2
Miami Beach- 25.2
Kendall- 3.5
Closed Sales
Cutler Bay- 42
Coral Gables- 39
Coconut Grove- 13
Pinecrest- 15
Aventura- Miami Beach- 20
Kendall- 26
Active Inventory
Cutler Bay- 86
Coral Gables- 337
Coconut Grove- 159
Pinecrest- 173
Miami Beach- 407
Kendall- 115