Area 20 is the area that my office services. It includes West Hialeah, Hialeah Gardens, Miami Lakes, West Miami Gardens, and Palm Springs North. And yes, there is reason to be optimistic about the real estate market in Area 20.
Months of inventory based on closed sales sales declined from 43.4 in April 2008 to 15.2 in April 2009. In other words, we have less than half the inventory of unsold homes on the market then we did a year ago. The lesser the inventory the quicker we get to the tipping point where demand we be in line with supply, and when prices will stop depreciating.
Comparing April 2009 to April 2008-the number of new listings declined 31.5%, the number of closed transactions increased 95.9% and the number of properties going under contract increased 185.9% (if we look at this same figure from January of 2008 the increase is even larger-245.3%). This is Huge!
If you're selling, then these stats prove that there are many buyers out there, and as long as you're priced competitively, YOU WILL SELL. And if you're considering buying, then rest assured that if this level of market activity continues, prices will stabilize sooner then later. Your opportunity to negotiate a good deal is NOW...
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