The Seller’s Prerogative

 Days on market varies by area. Coral Gables and Miami Beach are typically constant while other demonstrate more seasonality, like Key Biscayne. Overall, the average days on market has risen in 2017.  Miami Beach typically has the highest DOM. However, in June 2017 properties in Pinecrest experienced the highest DOM for any area in 2017.

Days on market varies by area. Coral Gables and Miami Beach are typically constant while other demonstrate more seasonality, like Key Biscayne. Overall, the average days on market has risen in 2017.

Miami Beach typically has the highest DOM. However, in June 2017 properties in Pinecrest experienced the highest DOM for any area in 2017.


 The average days on market is rising in 2017 because sales have remained stable or increased slightly.  

The average days on market is rising in 2017 because sales have remained stable or increased slightly.
 


$416K Avg Sold Price
82 Avg Days on Market


Miami-Dade’s housing market is finding its equilibrium where prices are attracting offers in shorter periods of time. In this edition of The Needle, we offer insights into current trends to get the most out of a property sale.

As a seller, you want to gauge price over time. A property will sell at a given price given an unlimited amount of time, which no one has at their disposal. Properties priced appropriately in the current market will sell more quickly than homes priced above the market average. With this in mind, the number of days on the market becomes an important metric. This is often the first thing a buyer or agent will ask during contract discussions.

Negotiating a deal on a house that has spent a higher-than-average number of days on the market can place the seller in a weaker negotiating position. The buyer may conclude that the seller is anxious to close a deal, or they might think something is wrong with the house because it’s been on the market for an inordinate amount of time.

Throughout Miami-Dade County, more houses go under contract between the months of March and May than any time of the year. Based on the countywide average of 82 days on the market, sellers should be listing in the preceding December or January.

As a general rule, summertime sees higher sales volume and quicker closing times, meaning that the housing market is stronger, supply is tighter, and conditions are favorable for sellers. Even still, the trend this year in Miami-Dade is overall favoring the buyer, with days on the market creeping close to 90 days over the last three months.

In this issue, we’ll talk about what sellers can do to design and stage properties so they stand out from the crowd. We’ll talk about some of the resources to rely upon to get a home sold quickly, and we’ll look at what to do if multiple offers are presented.