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Market Trends Update: Aventura, Florida Condos Are On The Rise — February 2014

 

Class GraphSince one year ago, the number of active listings is up 18.8% while the sold properties are up 7.1%.

The pended are up 26.2%. When the PENDED LISTINGS indicator is rising, our market is in recovery. Contracts have been written and are anticipated to close.

Average home prices are up. The price per square foot of a condo residence, is approximately $283 per square foot – which is an increase of 17.8% over last year.

Part of the reason for the increase of inventory: Homes remain on the market an average of 102 days — an increase of 4.1% over last year. Homes are selling within 91% of their originally listed price.

The average listed price in Aventura is $602,000 — a 7.2% decrease over last year. The average sold price is $397,000.

Important information: Months of Inventory. Currently, Aventura is experiencing 12.5 months of inventory which is indicative of a Buyer’s market. This is an 10.8% 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.

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Consider what is happening nationally:

Market Pulse Update: November 2013

Market Trends: May 2013 – RealTrends Market Update Nationally

RealTrends August 2012 MarketUpdate

Check out the latest national market trends.