The following is a real estate market report designed to provide you with insight into local market conditions in South Florida with regards to the number of new listings, available inventory, and length of time homes are taking to go from being listed “for sale” to “sold” (also known as “days on market”). This is somewhat different information from what you’ll find in my South Florida real estate market conditions posts.
During the month of September 2007 there were a total of 2,464 new listings of single family homes entered into the MLS, which is a 2% increase over the same month last year. There were also 2,798 new listings of condos and townhomes, which is also a 2% increase over a year ago. What is more interesting to note is that there was a much larger increase in terms of the “available inventory”. The number of single family homes listed as “available” on the MLS increased by 16% over the same time last year, while the number of available condos and townhomes increased by 26% over the same month last year. What does this indicate? Well, it means that the amount of time it’s taking to sell a house now is longer than it was a year ago. How much more? Have a look at the chart.
So, how long will it take for your South Florida home to sell? That depends on several factors. Probably the biggest factor at this time and under current market conditions will be how competitively you price your home when it first comes on the market. Notice I said competitively, not comparatively. Unfortunately, many sellers are finding themselves competing with other homes for sale in their community that are foreclosures or short sales, both of which tend to be priced on the low end in order to sell faster. Furthermore, today’s home buyer is typically looking at many more homes than they were a year or two ago before deciding which home to place an offer on. If you want to increase your chances of selling your home quickly, be sure to read my ongoing series of home selling tips which should help you get the most money you can for your home. Another post you may find informative is on the Top 10 Ways to Save Money When Buying or Selling Real Estate.
If you’re thinking of selling your South Florida home but find that your budget doesn’t allow for a full-service commission listing agreement, remember that we offer a-la-carte real estate services and unlike most South Florida real estate brokerages, we don’t charge an administrative/transaction fee (that alone can save you a few hundred dollars!).