In March 2010 there were 63 Closings of Single Family Homes in Weston, Fl. Of those, 32% were “distress sales” (Short Sales and Foreclosures) which is consistent with the trend of the last few months. Fortunately most of our sales are regular sales and based on Month of Inventory Based on Closed Sales we are slightly in a sellers market with several offers competing for the best values. Buyers are being attracted mostly to properties that need little or none work and preferably with upgrades of which they will pay a fraction of the cost.

Detailed View of All Single Family Homes Sold in Weston on March 2010 (Data Obtained through MLS as of 4/7/2010)

Weston Hills Country Club

The Ridges

Savanna

Isles at Weston

The Landings

The Meadows

The Springs

The Islands

The Lakes

Country Isles

Bonaventure

Coral Harbour

Tequesta

The Falls

Emerald Courts

San Remo

Thinking of selling your home? Now might be a good time to put it on the market when the inventory of great properties for sale is low. For a FREE market analysis of your property contact me.

To stay updated with what’s going on in Weston and receive my blog posts directly to your inbox subscribe here.

As of June 30th:

Single Family Homes:

• Active Listings: 439 Homes
• Closed Sales During June,2009: 74 Homes
• Months of Inventory Based on Closed Sales: 5.93 months (Seller’s Market)

Condos and Townhouses:

• Active Listings: 289 Units
• Closed Sales During June,2009: 20 Units
• Months of Inventory Based on Closed Sales: 14.45 months (Buyer’s Market)

If we look closely at this data there is something that doesn’t make much sense. How can we have such a huge gap? Looking in detail where the  numbers come from I concluded that the SFH data was accurate but the data for Condos and Townhouses is distorted.

Why the Data for Condos/TH was distorted? Be Aware of Raw Statistics!

Of the 289 Active Units I found the following:

• 10 are for Villas de Tuscany, a community not located in Weston or the Sunrise Area under the Weston ML Area.
• 3 are from areas outside of Weston listed by mistake??? under our Area.
• 8 are for the Hyatt condo-hotel units which might never sell.
• 1 is for Vacation Villas (the Resort/Time Sharing)
• 56 are for The Palace and since it is an unique product (a 55+ Community) it is skewing the numbers; only 1 closed in June. Some may argue my decision to take out the Palace but in every city the 55+ communities represent a disproportionate number of active listings and in my opinion they do not reflect the market  trends.

How Condos and Townhouses are really doing, after cleaning up the Data?

• Active Listings: 210 Units
• Closed Sales During June,2009: 19 Units
• Months of Inventory Based on Closed Sales: 11 months (Buyer’s Market, but more close to be a balanced market)

In conclusion if you are listing a Condo or Town House it must be marketed wisely!

In the month of May 2009, 59 single family homes sold in Weston, Fl. By the beginning of June there were 492 active SFH listings in Weston. That means we had 8.3 months of inventory based on Closed Sales.  On April we had 8.6 months of inventory based on Closed Sales. Granted we are in the “Hot Season”, not only for the temperatures, and the begining of the Summer are the months of more sales activity in the city. As a refence of how much the market has improved last year in April we had 12.5 and in May we had 11.9 months of inventory based on Closed Sales. A balanced or healthy market is one where we have 6 to 9 months of Inventory based on Closed Sales.

In the Month of May the breakdown by price was a follows:
Under $ 199,999.00 :  4 Homes
Between $ 200,000.00 and $ 399,999.00 : 32 Homes
Between $ 400,000.00 and $ 599,999.00 : 18 Homes
Between $ 600,000.00 and $ 999,999.00 : 3 Homes
Over $ 1,000,000.00 : 2 Homes

Weston,Fl May 2009 Sales SFH

Where are the Bargains?

Of the 59 sales in May 2009 in Weston,Fl 11 were Short Sales and 5 Foreclosures. The Myth that only Short-Sales and Foreclosures are selling seems to have no basis. Two of the Bank Owned Properties sold above the Asking Price (not much though) and the other 3 very close to the asking price. Four of the 11 Short Slaes also sold slightly over the asking price. in the regular sales the list to price ratio was 94% (not including the sales over 1,000.000.00 since they would throw out the averages).

Compared to the same period 12 months ago the number of sales have increased almost 50% and inventories have been decreasing  steadily.

In Weston the Market is Changing Very Fast!

The Inventories have decreased and pending sales are increasing at a rapid pace.

As the Real Estate Market changes it’s very interesting to look at the comparison between the price properties were listed at and the actual price they sold.

When looking in detail at the List-to-Sale ratio I found an interesting difference between the ratio for regular sales, short sales and foreclosures. Motivation seems to be the key to pricing!

“92.53% Average List-to-Sale Ratio for Regular Sales

“95.19% Average List-to-Sale Ratio for Short Sales

“94.91% Average List-to-Sale Ratio for Foreclosure Sales

I can conclude that as we have been experiencing in the last months…Buyers are looking for bargains and apparently they feel prices are as low as they are going to get and the properties priced appropriately are getting those buyers.

]]> http://mywestonblog.com/2009/04/10/weston-fl-single-family-homes-sales-1st-quarter-2009/feed/ 2 http://mywestonblog.com/2009/02/27/real-estate-market-update-westonfl-townhousescoach-homes-as-of-feb-27-2009/ http://mywestonblog.com/2009/02/27/real-estate-market-update-westonfl-townhousescoach-homes-as-of-feb-27-2009/#comments Fri, 27 Feb 2009 23:23:08 +0000 Ines Garcia http://mywestonblog.com/?p=181 Every Community has its own personality even thou some of them have the same floor-plans.

Courtside, Mariposa Pointe and the Legends are all Coach homes. Mariposa is located next to Weston’s Town Center and the other two at Weston Hills Country Club.

California Courts, Coconuts and Emerald courts are each of them one of a kind.

All the “Sans” and Courtyard are town-homes communities with the exact Floor Plans. It seems that the newer of the two communities San Mateo and Courtyard a shorter turnaround time.

When I see numbers like these, where in the same kind of product the Months of Inventory based on Closed Sales go from 4.2 to 39 months, I wonder how much we can trust broad statistics. The market is behaving in such a way that every community must be researched with a magnifier glass without loosing sight of the whole picture.

The following graph shows the average Months of Inventory for Condos and Town-houses in Weston as of the end of January of 2009.  This includes all Weston’s and Bonaventure Condos, Town-homes and Coach homes/Villas communities.

The representation of fro data supplied by the SEF Mls as of Jan. 31,2009