Weston,Fl. Single Family Homes Nov. 09

Months of Inventory based on PS= 1.23 months
Months of Inventory based on CS= 5.8 months

The percentage of Short Sales in PS status is extremely high, this number has been increasing as time goes by. The number of pending sales keeps piling up. If you compare it with August’s Data the change in the market is remarkable.

Weston,Fl Condos/Town Homes Nov. 09

Months of Inventory based on PS= 1.3 months
Months of Inventory based on CS= 8.2 months

Active-Number of Properties for Sale
PS-Properties Under Contract/Pending Sales and in Back Up Status (Open to receive Back Up offers)
CS-Transactions Closed/Closed Sales

SS-Short Sales
REO-Foreclosures
REG-Regular Sales

Months of Inventory are calculated dividing Active between CS and PS
Under 6 Months=Seller’s Market
Between 6-9 Months=Balanced Market
More than 9 Months=Buyer’s Market

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As of Sept. 30th 2009 these are the number of closed sales and active listings reported in the MLS. Some additional sales might be updated in the next few days.

As we can see even though only 3% of the active listings are Foreclosures the market look eagerly for them, they last in average less than 1 month in the market. Sometimes only days receiving multiple offers.

The number of cash transactions is amazing! A total of 17 transactions closed CASH. A few properties closed above listed price.

Based on Closed Sales we have 7.23 Months of Inventory (Balanced Market)

Single Family Homes

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/2009/02/10/weston-fl-real-estate-in-numbers-as-of-feb-09-2009/ http://mywestonblog.com/2009/02/10/weston-fl-real-estate-in-numbers-as-of-feb-09-2009/#comments Wed, 11 Feb 2009 01:02:35 +0000 Ines Garcia http://mywestonblog.com/?p=93 The following stats are based on information gathered from the Multiple Listing Service (MLS)
for Single Family Homes.

Weston,Fl Sales

The high number of Pending Short Sales might be due to the fact that they take longer than regular sales. It’s interesting to note that even thou 38% of the inventory in Weston are Short Sale Listings they represent only 15% of the closed units. Lenders are being more cooperative in the Short Sale process.

I thought it could be interesting to look at the closed sales by neighborhood and calculate what percentage of sales were short sales listings. Please note that the communities with no Short Sales are also communities with little activity.

Closed Sales by Weston's Neighborhood