Multi-Family Market Report
Townhouses - Villas - Condos
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A total of 11 properties sold in this property segment, in May 2021. Of the properties sold, only one sold for the full asking price or better. All others were sold for less than the original or last listed price.
The Miami Lakes Market Report, is published weekly and monthly, to help buyers and sellers stay informed of our local market conditions, when they are planning on selling or buying a home in our hometown. I hope you find the reports timely & useful. If you have any questions about the sale or purchase of your home, give me a call. You and your family, will be in good hands!
-Jesus M. Fernandez, REALTOR® & Publisher
Multi-Family Homes Sold Map
HIGH & LOW SOLD
The highest price sale of the month was a two story townhouse, located in the Satori Lake community. It was 4 bedroom, 3.5 bath with 1,908 SF of living area. It sold for $462,000 or for 2% below the original asking price of $470,000 after only 1 day on the market.
The lowest price sale in May, was a 1 bedroom, 1 bath condo, with a 725 SF living area and located in the Lake Placid community. It sold for $145,000 or for 12% below the original asking price of $164,900 after 53 days on the market.
MARKET TIP: Well priced properties are receiving multiple offers, creating a very competitive environment for buyers. Choosing the winning offer can be challenging or making an offer that wins, which requires insight into the current market and sharp negotiating skills.
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MISSED THE MARK
Two sales contracts expired in May. Two sales contracts were cancelled, six properties were temporarily removed from the market and none were withdrawn.
May saw a total of 23 properties enter the market. Out of these, 5 returned to market, after a failed sales attempt.
The inventory of available multi-family homes in May, remains very low, with only 15 properties available for purchase and another 13, which can be purchased with a back up contract. Call for more information on purchasing with a back-up contract. It's not as complicated as you may think.
MARKET REPORT & FORECAST
The supply of available multi-family homes remains a challenge for buyers across the country and those interested in living in Miami Lakes. Perhaps the lack of inventory, is partially due to all the economic uncertainty, which may be keeping many Miami Lakers in place, who may be waiting to see what happens with the economy by the end of the summer.
All indications point to low interest rates for the rest of the year, unless major U.S. lenders start raising rates, to keep up with inflation.
May saw 11 properties sell in this property segment, which was below expectations, as we finished the Spring buying season. The time to contract has been averaging approximately 30 days on the market. In May, 6 o of the 11 properties sold, had an executed contract in 2o days or less.
From experience I know that most people purchase and sell real estate, for personal reasons and not because of market conditions or low interest rates. If you could use some honest advice as to whether it's a good time for you to sell or purchase, give me a call and I will help you explore your options. Sometimes, staying put is your best alternative.
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FOOD FOR THOUGHT...
Over-pricing is the number one reason a property fails to sell in the United States. Buyers everywhere look for value when they compare properties for sale in the marketplace. If a property is overpriced, it will look inferior to similarly priced properties in the area, effectively removing the property from consideration, from that “price-range” buyer. Worse even, it prices-out potential buyers, who would have considered it, but never saw it, because it was priced out of their price range. Pricing a property correctly to market, while accounting for condition, actually yields more for the seller in the long run. Contact us! We will help you establish a selling price that helps you sell quickly and for top price.
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