Wrapping up 2009
The stats are in! And this post is full of good news, while I summarize what transpired in our local real estate market last year. While it might have seemed like doom and gloom at times, it actually turned out to be a very productive year for Miami-Dade County. Here are a few of the highlights:
– At the end of 2008, there were 14,988 active properties on the market in Miami-Dade County. At the end of 2009, that number had dropped to 8,271 properties – a 45% decrease in our inventory!
– At the end of 2008, we had an average of 625 sales per month. And at the end of 2009, that number had come up to an average of 782 sales per month. An increase of 25% over the previous year!
– In real estate, you have reached a “stable market” when you have a 6 to 9 month supply of inventory. At the end of last year, we had a 24 month supply of inventory. And this year, that number has come down to 10 months. We are almost back at a balanced market – we have come so far!
– These numbers all reflect the fact that sellers are acknowledging where our market is, and if priced accordingly, their homes are selling.
– While this is the average in Miami-Dade across all price ranges, it’s important to acknowledge that we still have movement that needs to take place on homes priced over $1 million, with an average inventory of about 40 months. However, this is down from the 65 months of inventory that we had at the end of 2008, so we have made headway.
I’m very excited about 2010 and want to thank everybody who made 2009 so successful for me!