Is the old adage Time is Money, true in real estate?
Days on market (DOM) is a measurement of the age of a real estate listing. It is defined as the number of days the listing is on the active market prior to an offer being accepted or the listing agreement ends.
DOM should be one of the factors considered when developing a pricing strategy. It also serves as a gauge when determining the activity of a housing market.
Generally, properties with a large DOM may be the result of overpricing or a serious undesirable factor, ie. located on a very busy street. Properties with a high DOM usually, in the end, result in lower selling prices. The perception is that because the property has been on the market for so long, the seller is more motivated to sell, which often may be the case, and consequently offers are lower.
Bottom Line: You have a market value, the higher you deviate from that value, the longer the DOM.
In Miami Springs, the average Days on the Market (DOM) for active properties is 126 days. The average DOM for closed sales is 102.
Being a Realtor for over 30 years has shown me that in the end EVERYTHING SELLS! but not necessarily for the desired price or within the desired timeframe.
Accurate pricing of a property is the single most important determinant on how long a property remains on the market.
Call us for an honest and accurate Market Analysis of your property!
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Visit our new offices in Miami Springs!
190 Westward Drive
We offer complete real estate services and we always have fresh coffee.
Have “Coffee with Charlie” every Sunday from 10:00 am to 12 Noon.
Open Monday through Friday from 10:00 am to 6:00 pm.
Saturday and Sunday 10:00 am to 2:00 pm.
Appointments are also available upon request.
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The Current Market
The Miami Springs Real Estate market continues to be full of activity. During the period of Friday September 2, 2016 through September 9, 2016, there were 2 new listings, 4 closed sales, 0 pending sales and 2 expired listing. One of the closed sales was a condo.
The table below gives you a current status of the Miami Springs real estate market as of Friday September 9, 2016.
| Average Price/List/Sold/Pending Sale | Average Sq Ft | Average Price Per Sq Ft | ||
| Active | 42 | $510,469 | 2,212 | $230.77 |
| Closed Sales | 30 | $407,117 | 1,835 | $220.25 |
| Pending Sales | 24 | $378,208 | 1,938 | $195.15 |
A complete list of all the properties for sale in Miami Springs or any other area of Miami Dade County can be sent to you on regular basis, text me at 305 726 8416. I'd like to hear from you.
Buyers, now is the time to buy. Interest rates are GREAT NOW but THEY WILL GO UP!
Sellers if you are thinking about selling, Do it NOW! The market is full of Buyers.
Beautiful Miami Springs. Tree City USA. Our secret paradise in Miami Dade County!
STAY INFORMED!
