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Spring 2012 Market Update
If you can qualify, now is an exceptional time to buy a home in Key Biscayne. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 305-788-5309
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| Average Home Price | $2,500,000 - View Graph Trend |
| Average Price Compared to Last Year | Up 0-5% |
| Average Time on Market | 90-120 days |
| Best Selling Price Range | $1,000,000+ |
| Worst Selling Price Range | $1,000,000+ |
| Prices As % of Asking Price | 80-85% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | Increasing |
| Buyers’ or Sellers’ Market | More buyers than sellers |
| Buyer Activity for the past 90 days in Key Biscayne is | Increasing |
| Seller Activity for the past 90 days in Key Biscayne is? | No Change |
| Multiple Offers? | Yes |
| Multiple Offers Commentary | If the property is priced below market sellers are receiving multiple offers. Usually on distressed properties where the bank sells for less than market. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 5-10% |
| Is Financing Available For Qualified Buyers? | Yes |
| Housing Inventory | Good supply - Some Prices |
| Greatest Activity | Repeat Buyers |
| Reason to Buy/Sell | Lower prices with good selection and competitive interest rates creates a perfect time to buy in Key Biscayne! Miami's premiere neighborhood at a discount. |
| Nearest Metro Area | Miami |
| Housing Hot Spots | Most cities within the Miami-Dade County area are considered 'Housing Hotspots' |
| Average Sold Price | $2,500,000 - View Graph Trend |
Key Biscayne Local News
Agent quarterly survey shows growing optimism toward a housing market recovery
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
End of tunnel, meet light. Real estate agents have been imagining that vision for a while, and first-quarter optimism in 2012 has some saying the road to recovery could be just around the corner.
Much of the upbeat attitude from HouseHunt's market condition survey stems from tighter inventory and houses not remaining as long on the market. Of agents reporting, 38 percent said inventory was tight in their cities, compared to 32 percent in the fourth quarter of 2011 and 13 percent at the beginning of last year. Regarding time on the market, 30 percent reported houses selling in 60 days or less, compared to 22 percent in the previous quarter and 10 percent at the beginning of 2011.
Click here for full article...
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Mortgage Rates
– May 28th, 2012 –
---------------------------------
30 yr. fixed rate: 3.82%---------------------------------
15 yr. fixed rate: 3.11%
30 yr. jumbo rate: 4.38%
15 yr. jumbo rate: 3.61%
Home Values
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