“House” The Market? Aventura: Are Things Looking Up?

These statistics are for Aventura, Condos only, Priced from $0 to $1,249,000:

Even though the graph above reflects fifteen months of sales activities, we are focusing on annual numbers.

Since last year, the number of active listings is up 2.1% while the sold properties are down 17.3%.

The “pending” listings are down 15.2%. When the PENDED LISTINGS indicator is rising, our market is in recovery. Contracts have been written and are anticipated to close.  Therefore, since pending listings are down 15.2% from last year, we are looking at a more consistent market.

Average home prices are similar to last year.  The price per square foot of a condo in Aventura in the subject price range is approximately $277 per square foot – which is a decrease of 11.3% over last year.

Part of the reason for the increase of inventory:  homes remain on the market an average of 131 days — however, a decrease of 16.6% over last year.  As professionals who like to see the market moving, this is still too long.  If Sellers want to move their properties, they need to price it compellingly.

Homes are selling within 88% of their originally listed price — down 1.1% compared to last year.

The average listed price for condos in Aventura (priced from $0-$1,249,000) is $454,000, similar to last year; however, the average sold price is $325,000, which is down 14.5% compared to last year.

Important information: Months of Inventory.  Currently, Aventura, Florida is experiencing 15.8 months of inventory (in this price range) which is indicative of a Buyer’s market. This is a 23.4% increase from a year ago.

It is time to list, time to sell, time to upsize, time to downsize — money is still inexpensive to borrow.

Please feel free to download these graphs for your review: FactsAndTrendsReport

 

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