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
search Weston for sale

 

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)              
  So
 
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.
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