The Florida Association of Realtors (FAR) calculates PROPERTY VALUE based on median price through MLS STATS. Home sales vary considerably from month to month (from market segment to market segment / within price categories). As a result, market overviews offer somewhat confusing or skewed results.
Without a doubt the top two indicators of value are relevant home sales and available inventory. More properties available = Lower prices. In South Florida, inventory is down considerably from what it was even two years ago. Interestingly enough though, despite drops in inventory, sales prices on luxury home sales in Coral Gables and Pinecrest zip codes 33146 and 33156 have not dropped. LUXURY HOME SALES from January-July 2010 are coming in pretty close to the same price per square foot they were at – back in 2008. In reviewing the stats for luxury home sales in both Coral Gables and Pinecrest , it’s worth mentioning that average sales price per square foot, on luxurity property, although there are fluctuations from one month to another, the average is holding at just about what it was two years ago.
In addition to our daily blog entries on MiamiRealEstateCafe.com which offer you insight and shed light on the local South Florida real estate market, the Case Shiller Index (targeted toward economists) and Realty Trac both provide information that you may find useful. If you’re not already subscribed to our real estate blog and market updates, and you would like to stay current, you are welcome to subscribe below. A follow-up email will require you to confirm your subscription.
