The Roads and Lower Brickell single family homes market (zip code 33129) is a small one with only 1305 single family homes total. As such, market data is minimal and can be misleading. For instance, with no closed sale transactions in January 2015, it appears to be a huge statistical decrease yet isn’t really much different from the 2 closed sales in January 2014. As the graph better illustrates, monthly closed sales in this market have ranged between 0 to 7 since 2012.
The better indicators for single family homes in The Roads and Lower Brickell neighborhoods is the steadily increasing “selling price per square foot” and the decrease in “market time” to an average of 50 days from a high of 208 days in January 2014. This “market time” and the MSI (# of months needed to sell all of the inventory at the monthly sales pace) of 34 are still quite high, though, indicating that it remains a “buyer’s market” in this area.
At a glance:
Here are the highlights
January Property sales were 0, down -100.0% from 2 in January of 2014 and -100.0% lower than the 7 sales last month. January 2015 sales were at their lowest level compared to January of 2014 and 2013. January YTD sales of 0 are running -100.0% behind last year’s year-to-date sales of 2.
The Median Sales Price in January was $0, down -100.0% from $481,491 in January of 2014 and down -100.0% from $520,000 last month. The Average Sales Price in January was $0, down -100.0% from $481,491 in January of 2014 and down -100.0% from $568,429 last month. January 2015 ASP was at the lowest level compared to January of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of January was 34, down -5.6% from 36 last month and down -8.1% from 37 in January of last year. January 2015 Inventory was at a mid range compared to January of 2014 and 2013. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2015 MSI of 0.0 months was at its lowest level compared with January of 2014 and 2013.
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for January was 0, down -100.0% from 54 days last month and down -100.0% from 208 days in January of last year. The January 2015 DOM was at its lowest level compared with January of 2014 and 2013.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The January 2015 Selling Price per Square Foot of $0 was down -100.0% from $283 last month and down -100.0% from $231 in January of last year.
Selling Price vs Listing Price
The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The January 2015 Selling Price vs List Price of 0.0% was down from 100.5% last month and down from 82.2% in January of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in January 2015 was 9, up 28.6% from 7 last month and up 12.5% from 8 in January of last year.
For the full .pdf report with graphics, click here to download: Brickell Roads SFH 2015-Feb-06
For more information about real estate in the Miami area, or to connect with a real estate agent anywhere in the world, contact Melanie Dawn by text/phone at 305-801-3133, or by email at MelanieinMiami@gmail.com.
Based on information from Miami Board of REALTORS for the period 11/12/2005 through 1/31/2015. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS’s may not reflect all real estate activity in the market.