Miami real estate in Weston: professional guide to South Florida homes and other real estate for sale

Weston Residential.com

loan modificaiton, short sales, foreclosures, REOs
residential and commercial investment property
Weston, Pembroke Pines, Plantation, Davie, Miami

A top agent at Keller Williams in 2009

* Market Data from MLS

Selling your property?

Make sure to hire the right agent ... Experience wtih a 'down market' is crucial... most agents have none!

The decline of home prices has been made worse as a result of agents listing property when sellers had no reason to be selling at all ... except that they were in a panic!

THE SHORT SALE OUT

If you owe more than what your home is worth and have to sell call us, we can assit you in getting you a short sale contract by which bank provides you with an out and your credit is not affected as much.

call us to evaluate your home
(954) 531-8100

HOMES

Weston Real Estate News

Single family home sales went up again last month. And the best news is that the inventory in the city of Weston has dropped almost 60% off the high numbers at the begining of 2009. Tthis means that the pent up demand is starting to impact the local inventory in a positive way with buyers picking up some of the best homes out there and prices starting to go up.

Foreign and out of state buyers are returning to the Weston market and are buying up all the bargains that local buyers had ignored or could not purchase due to the lack of available credit and market liquidity.

With more money available, banks are begining to lend as buyers are more willing and able to buy homes that seem reasonably priced compared to what they were two or three years ago.

City of Weston Market Activity 2009
From Multiple Listing Data

JAN	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	Average Days to Sell
Houses	707	114	44	$408,000	$358,000		136
Condo/Thses	394	62	12	$159,944	$168,450		110

Month Totals	1101	176	66
(last month)	(963)	(144)	(22)

Feb	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	Average Days to Sell
Houses	657	91	47	439,544	365,000		101
Condo/Thses	385	77	27	172,400	172,000		153

Month Totals	1042	168	74
(last month)	(1101)	(176)	(66)

Mar	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	Average Days to Sell
Houses	654	117	60	445,172	390,000		110
Condo/Thses	389	72	23	186,007	174,000		81

Month Totals	1043	189	83
(last month)	1042	168	74

Apr	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	Average Days to Sell
Houses	491	115	24	407,321	310,000		94
Condo/Thses	289	57	16	161,600	150,000		80

Month Totals	780	172	40
(last month)	1043	189	83

May	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	%	Days to Sell
Houses	631	149	58	473,500	372,500			125
Condo/Thses	325	51	29	163,000	142,500			97

Month Totals	956	200	87
(last month)	780	172	40

( some data not yet available )

Jun	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	%	Days to Sell
Houses	611	111	62	509,544	412,500			99
Condo/Thses	324	45	28	164,813	150,000			152

Month Totals	935	156	90
(last month)	956	200	87

( some data not yet available )

Jul	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	%	Days to Sell
Houses	590	116	61	478,490	375,000			81
Condo/Thses	349	72	31	187,318	150,000			129

Month Totals	939	188	92
(last month)	935	156	90

Aug	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	%	Days to Sell
Houses	437	117	34	405,232	380,000			115
Condo/Thses	259	53	20	178,923	165,000			104

Month Totals	696	170	54
(last month)	939	188	92

Sept	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	%	Days to Sell
Houses	504	84	57	393,010	356,250			89
Condo/Thses	305	54	40	141,700	134,950			63

Month Totals	809	138	97
(last month)	696	170	54

Oct	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	%	Days to Sell
Houses	478	93	67	419,091	350,950			85
Condo/Thses	308	69	30	144,000	140,000			67

Month Totals	786	162	97
(last month)	809	138	97

Nov	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	%	Days to Sell
Houses	330	91	22	433,000	375,000			107
Condo/Thses	260	46	17	172,000	177,000			56

Month Totals	590	137	39
(last month)

Dec	INVENTORY	NEW ON MRKT	New Contracts	Average Sales Price	* Median Sale Price	Change	%	Days to Sell
Houses	419	75	36	392,800	350,000			80
Condo/Thses	286	43	17	165,600	150,000			77

Month Totals	705	118	53
(last month)

REMARKS:

The market has found some stability and the numbers remain stronger at the end of 2009 than in 2008. The number of available property for sale has declined which will bring supply and demand forces into play in the months to come. The outlook is of higher prices in 2010.

* Median Price

It is the mid-point and in any given period, the median sales price represents that price where an equal number of sales were below it and above it... it is not the average. For example, in the series of numbers 1,2,5,10,12, the median number is 5, whereas the average would be 6.

Direction of change from previous month

This window of opportunity is being taken by investors looking at a strong valuation over a period of 5 to 10 years. Many foreigners are quietly purchasing second homes or investment rentals before the local buyers get smart and start doing the same. South Florida is still the area of choice for many venezuelans as well as other South America groups. For europeans our real estate is a total bargain as the euro has about double in value over our dollar in recent years.

At this time the market is starting to bottom out in many areas specially in the more desirable neighborhoods where great deals are everywhere! The most activity is now in the bottom half of the market, under $500,000 for South Florida. Soon the bottom of the market will lift up the more expensive homes as people are able to sell their homes and move up when buyers purchase their property. Supply and demand is king and once the available inventory goes down those bargain prices we now see will be history !

2009 - 2010 Market Outlook for Weston Florida

Reductions will not be uniform across all markets, or across all product types. The most desirable properties will maintain their values, while some may even experience modest increases. By 2011, Florida is projected to bypass New York as the third most populated state in the nation behind California and Texas

From the graphs below we can observe that by the end of 2009 in Weston the inventory of property for sale had been cut almost in half of what was the year before. This indicates that the absorption rate is being accelarated and that buyers are buying existing property for sale. As the number of homes for sale decline the value wil increase according to supply and demand.

The "Buble" Market of 2004 - 2005

Can you see from this chart when the party for speculators was over?

The information presented herein is derived from various sources that may include, but is not limited to, Broward County Records and local Multiple Listing Services. Although information is believed to be accurate, it is not warranted.