Ramesh Nyberg's Real Estate Blog

The October stats are out, and not much has changed in terms of trends. The inventory in Miami-Dade continued to fall: we are now below 9,000 single family homes for sale-- wow! At this time last year, the big drop in inventory actually started. September '08 had 16,802 unsold, and the next month it dropped to 16,129. A year later, we've cut the inventory in half. The list-to-sale ratio has stayed pretty constant at 89%, and the average days on market is telling us the same story: it takes a little over a month to sell your home in Miami-Dade.

Palmetto Bay and Pinecrest continue to meander around but otherwise basically recovered from a poor showing in September. Interestingly, though, Palmetto Bay's inventory increased for the second straight month, bringing the number of unsold homes to 165. That's still a far cry from October 2008's number of 284.

The first-time buyer tax credit was extended (pending the President Obama's signature), and this can only be a positive. How much of an impact this will have on the overall housing market remains to be seen, but in the wake of a lot of negative forecasts about the housing market, we've got a count this as a victory. Realtors from all over the country signed on-line petitions prepared by the National Association of Realtors, and once President Obama signs it, we can expect to keep a lot of buyers warmed up. 

I'm happy to announce that you can now search the MLS here on this site. I hope you will use this often. You have a home here, where you can read the blog, check the market stats, and now, do your searching.    

It's worth mentioning that I also work in the commercial sector. If you are looking for something for your business, this is a tenant's market. It's an outstanding time to upsize! Call me and let's make your deal. Today's new opportunity: a storefront/office space in the Carriage House Hotel on Miami Beach, perfectly located on the lobby level, next door to a busy restaurant. It has a reception area, main office, loft workspace, and lots of storage space. Price: $1200/month.