The Ponce Davis Real Estate Market in 2018 | Is the Market Picking Up?
In the last few months we have gotten a lot of new listings, many of which were sold within weeks. We also observed that colleagues in the single-family home market are doing a great amount of business. As we speak with agents and buyers on a daily basis we specifically noticed the high demand for (updated) properties in the $1M – $2M range. In short, we feel and hear that the market is really taking up. We therefore decided to check the different neighborhoods to see whether the numbers match our general impression and our recent successes.
Increasing Prices per SF in High Pines and Ponce Davis
We see an impressive increase in properties that sell within the $1M – $2M range and the $3m+ range. The $2M to $3M range is seeing just a slight decrease of 2%. In 2018 we did not see sales of properties below $1Million. The $1M to $2M range also saw an impressive decrease of the total amount of days a property stays on the market before being sold. In the first half a year of 2018 properties in this price range sold almost 50% faster than in the same period in 2017. All other properties also sold faster than in 2017, but with a slightly less impressive percentage.
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The entire Miami real estate market cannot be seen as such. There are different products, in different areas that all perform differently! The condo market for example is currently seeing a completely different movement than the single-family market. The levels of inventory are very different between condos and homes which makes a world of difference for future prices.
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Low Months of Inventory and an Increasing Market Share of Luxury Properties
Months of inventory is an indicator to show the absorption rate. It shows you how fast current inventory will sell based on prior data. In our example we looked at what sold in the first 6.5 months of 2017 and 2018 (for the $500K range we looked uniquely at sales in 2017) to predict the months to come*. As expected we see a very low amount of inventory. The market of properties below $2M is seeing just 5 months of inventory, which means a sellers market – a market in which there is more demand than supply and prices are likely to go up. The ultra-luxury market of $3M+ properties is seeing 17 months of inventory, which indicates a neutral market (From 18+ months we speak about a buyers market). 17 Months of inventory is a unique happening for a luxury home market.
Are we surprised? No, we are not. We just sold a property in the $2M range that sold in about 3 weeks after listing it, to one of our own clients. Open houses were heavily frequented and we noticed the amount of buyers looking for homes in the area. Not many homes are currently for sale, so needless to say sellers are in a favorable position.
$2M+ properties gained significantly in market share, from 27% to 71%. Properties of $1M – $2M lost in market share, while we also see a low market share of the more affordable listings in the current pool of homes for sale.
*For example the $1M range saw respectively 9 and 7 sales in the first half a year of 2017 and 2018. That is an average of 8 sales per 6.5 months or 1.23 sales per month. The market only offers 6 listings at this moment (speaking of a low inventory). This means that it takes 5 months (rounded up) to sell these 6 listings, because on average we sell 1.23 listings per month.
David Siddons is a top producing Miami real estate agent with nearly $100M in yearly sales. David is known as a market analyst and he is the author of many ground-breaking Miami real estate guides.
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We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.