Experts Warn About Surging Miami-Dade Real Estate Listings – September 2024 | Real Estate Update by Scott Lehr
Hello, Miami-Dade! I’m Scott Lehr, your trusted real estate expert with the Real Estate Sales Force and The Listing Team. If you’ve been keeping an eye on the housing market recently, you’ve probably heard the buzz: Miami-Dade real estate listings are surging! But what does this mean for buyers and sellers as we move through September 2024? In this blog, I’ll break down the latest market trends, offer advice for both buyers and sellers and give you the insights you need to make informed decisions.
The Surge in Miami-Dade Listings: +40.22% Growth
The Miami-Dade housing market has seen a massive 40.22% increase in active listings over the past year. This means more homes are available now than at any point in the last 12 months. For buyers, this is great news—more choices, more options, and potentially more room for negotiation. However, for sellers, the landscape is becoming more competitive.
Here’s why:
Buyers Have More Choices: With more homes on the market, buyers can be more selective. You won’t need to rush into a deal without exploring multiple properties first.
Sellers Face More Competition: On the flip side, sellers need to be mindful of pricing and presentation. With more homes to choose from, standing out is essential.
Median Days on Market: Homes Selling Fast!
Despite the rise in listings, homes in Miami-Dade are still selling quickly, with a median of just 37 days on the market. What does this mean for you?
For Buyers: It’s still important to act fast when you find a home you love. Even with more listings, the best properties are being snapped up quickly.
For Sellers: This is a good sign! If you price your home strategically and make sure it’s market-ready, there’s a strong chance it will sell quickly despite the increased competition.
Price to Sold Percentage: Sellers Still Holding Strong
Here’s an interesting stat—sellers are still receiving 96.3% of their asking price. In a competitive market, this shows that Miami-Dade homes are maintaining their value. Buyers shouldn’t expect massive discounts, but you may have a little more room to negotiate than in previous months.
For Buyers: Be prepared to make strong offers, as the negotiation margin remains tight. Low-ball offers may not be effective in this market.
For Sellers: You’re still in a strong position to get close to your asking price, but pricing your home right is key to securing a quick sale.
Median Sold Price: Steady at $535,000
The median sold price in Miami-Dade is currently $535,000. This steady figure reflects a strong, healthy market. While increased listings may lead to some pricing shifts in the coming months, Miami-Dade remains one of the most desirable areas in South Florida.
For Buyers: Whether you’re looking for a primary residence or an investment property, understanding the median price helps you gauge what to expect in different neighborhoods.
For Sellers: Stay informed about pricing trends in your area. With more homes entering the market, adjusting your listing price slightly might make all the difference.
What Should You Do Next?
If you’re buying in Miami-Dade, now is a fantastic time to explore your options. With more listings on the market, you’re in a strong position to find the right home at the right price. However, you’ll need to be prepared to act fast, as homes are still selling quickly.
If you’re selling, now more than ever, it’s crucial to have the right strategy. Proper pricing, professional staging, and marketing are essential to standing out in a more crowded marketplace.
How I Can Help
With over 10 years of experience in the Miami-Dade real estate market, I’ve helped countless clients navigate changing market conditions just like this. Whether you’re buying or selling, I can offer expert advice and personalized guidance to help you make the best decisions.
Contact me today at (305) 992-4674 or visit www.reallistingagent.com for more market insights and to discuss how we can achieve your real estate goals.
Final Thoughts
The surge in Miami-Dade real estate listings presents both opportunities and challenges for buyers and sellers alike. Understanding these trends and adapting your strategy accordingly is key to success in this dynamic market. As your dedicated real estate expert, I’m here to guide you every step of the way.
Stay tuned for more updates, and as always, happy house hunting!