Jesus M. Fernandez, REALTOR® 786-553-7530
Morris Williams Realty: 888-326-3949
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MIAMI LAKES MARKET REPORT
"An investment in knowledge pays the best interest."
-Benjamin Franklin
Welcome to the September Miami Lakes Market Report, where we review August's results. We’re excited to share the latest real estate trends, including sales, active listings, months of inventory, average days on market, and the difference between original listing and final sale prices. Unlike reports from platforms like Zillow or Redfin, our data is comprehensive, sourced from verified transactions rather than AI-generated estimates or geographic area data. Our reports are exclusive to Miami Lakes and take approximately five weeks to compile. Explore our insights to make informed decisions when buying or selling your Miami Lakes home. Contact us today—we’re your local experts!
Single Family Homes
Active Inventory refers to the number of single-family residences available for purchase. A higher number of properties typically favors buyers, while fewer properties favor sellers.
Inventory levels in Miami Lakes have remained steady since May, reflecting a growing supply of homes available for purchase. This rise follows a seasonal decline in listings at the close of last year, consistent with typical market cycles. Looking ahead, anticipate an influx of new homes entering the market over the next six months, potentially offering buyers a broader selection and influencing market dynamics. August saw a slight increase from July and we anticipate more properties coming to market later this fall.
The months of inventory metric indicates the time required to sell all currently listed properties based on recent sales trends. A lower number of months signals a seller's market, while a higher number suggests slower sales, potentially favoring buyers.
Currently, Miami Lakes remains a seller's market to some extend; however, rising inventory levels hint at a possible shift toward a buyer's market in the near future, although August saw a slight increase in the months supply we anticipate going higher in the months ahead. As of the date of this report, there are 51 single family homes on the market, 17 of them have been on the market for 100 days or more.
The Closed Sales metric tracks when most sales occur within a 12-month period. Historically, the highest sales volume occurs during the summer months or just before the new school year starts.
A total of 21 single family homes sold in August, setting the highness number of homes sold in a single home over the last 3 years.. Year-to-date, 108 single-family homes have been sold in Miami Lakes. The increase in home sales in August may be attributed to sellers lowering their asking prices, after their properties lingered longer on the market than anticipated.
The Average Sale Price Metric represents the average price of homes sold in a given month. This value can vary significantly from month to month, influenced by the number of homes sold.
As illustrated in the accompanying chart above, this average fluctuates based on sales activity and property characteristics. Currently, listings range from $550,000 for entry-level homes to $2.8 million for luxury properties, with a median average price of $910,000 down from $1,222,000 in July.
The Median Percent of Original List Price metric compares the original listed price of a property to its final closing price. In a strong seller's market, properties typically sell at or above the original listed price.
In August, 21 properties were sold, with an average sale price 9 % below the original asking price. Twenty properties sold below their asking prices, while only one sold for the original asking price of $815,000 and was under contract in 21 days. The largest reduction was a house listed originally at $1,350,000, which sold for $1,055,000—a $295,000 discount—after 100 days on the market.
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Note: Strategic pricing aligns properties with market demand, leading to faster sales and higher prices. Overpricing extends days on market and often results in lower final sale prices.
The Median Time to Contract metric measures the average of the typical time properties take to go under contract after being listed for sale, covering all price tiers and sale types. Properties priced above market value often take longer to go under contract.
The average time to contract for properties varies monthly based on market entries. In August, properties took about 40 days to contract, while in July, this increased to 90 days on average. For current listings, only new properties priced correctly to market are likely to reduce the time to contract.
The Median Time to Sale metric measures the averagel time properties take to go from contract to closing after being listed for sale, covering all price tiers and sale types. Extended closing times after a property goes under contract may result from canceled sales due to factors such as low appraisals, defects identified during buyer inspections that required remediation, or buyers' inability to secure financing by the contracted day to close.
. The current Median Time to Sale is approximately 77 days, down from 137 days in July. Of the 21 homes sold, 14 sold in less than 100 days, most averaging 45 days.
Townhouses / Condos
Active Inventory refers to the number of single-family residences available for purchase. A higher number of properties typically favors buyers, while fewer properties favor sellers.
After February of this year, inventory levels in Miami Lakes have steadily increased, reaching a peak 48 properties available for purchase in June. The slight drop to 42 is not significant. We still anticipate an influx of homes in this market segment to enter the market over the next 12 months, potentially offering buyers a broader selection and more competitive pricing.
The months of inventory metric indicates the time required to sell all currently listed properties based on recent sales trends. A lower number of months signals a seller's market, while a higher number suggests slower sales, potentially favoring buyers.
There was a slight dip from July to August, which is statistically insignificant. We are projecting a higher inventory in the months ahead, if interests rate remain above 6.5%.
The Closed Sales metric tracks when most sales occur within a 12-month period. Historically, the highest sales volume occurs during the summer months or just before the new school year starts.
A total of 9 properties sold in this segment in August. Year-to-date 78 townhouse and condos have been sold in Miami Lakes.
Presently, there are 10 pending sales, the same as last month, which may close in the next 30 to 45 days.
The Average Sale Price Metric represents the average price of homes sold in a given month. This value can vary significantly from month to month, influenced by the number of homes sold.
In August, the average sale price for properties in this market segment increased to $490,000. Below is a summary of the lowest and highest sold properties within this segment:
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Lowest Sale Price: A 2-bedroom, 2-bathroom condo in the Cypress Village community sold for $270,000, which was $49,000 below its original asking price of $319,000. The property was under contract after 51 days on the market.
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Highest Sale Price: A 3-bedroom, 2-bathroom townhouse on Lake Cynthia sold for $560,000, $20,000 below its original asking price of $580,000. The property was under contract in just 13 days.
The Median Percent of Original List Price metric compares the original listed price of a property to its final closing price. In a strong seller's market, properties typically sell at or above the original listed price.
Of the 9 properties sold in August, only 2 sold for the original listed price. The rest sold for roughly 5% below the listed price. The good news for sellers in this segment is that prices are holding steady and are selling in 80 days or less.
The Median Time to Contract metric measures the average of the typical time properties take to go under contract after being listed for sale, covering all price tiers and sale types. Properties priced above market value often take longer to go under contract
The time to contract can vary from month to month when a market segment is undergoing economic pressure as we have seen, since January. The current Medium Time to Contract is slightly less than 50 days, as compared to June which came in at 72 days.
The Median Time to Sale metric measures the averagel time properties take to go from contract to closing after being listed for sale, covering all price tiers and sale types. Extended closing times after a property goes under contract may result from canceled sales due to factors such as low appraisals, defects identified during buyer inspections that required remediation, or buyers' inability to secure financing by the contracted day to close.
The current Medium Time to Close is roughly 63 days from contract to close, down from June which came in at 117 days. We expect the time to sale will increase in the latter part of the year if interest rates remain above 6.5% and economic condition do not improve.
We’re thrilled you explored our website and hope the Market Report provided valuable insights for your home buying or selling journey in Miami Lakes. Understanding the real estate market’s current dynamics is key to making informed decisions. In a seller’s market, limited property availability gives sellers the upper hand, usually resulting in multiple competitive offers. Conversely, a buyer’s market offers abundant properties, requiring sellers to stand out and price their properties competitively to prevent them from becoming stale and attracting only low-ball offers. Stay informed and make confident choices with our market insights!
If you’re thinking of selling or buying a home in Miami Lakes, give me a call. Let my years of experience and knowledge of the Miami Lakes market go to work for you.
You and your family, will be in very good hands!
Jesus M. Fernandez
REALTOR® & Website Publisher
American Dream Maker, since 1995