Yesterday there was yet another prediction report by a major research company that stated that it won’t be until 2011 until we see the market turning around, well what I believe is fact not fiction.
FACT: There were 53 closed condo units that closed in Aventura between January 1, 2009 and January 31, 2009. In the same period a year ago, only 44 condos sold.
FACT: Between January 1, 2009 and January 31, 2009 – 218 condos in the Aventura were listed for sale. In the same period a year ago, there were only 48 condos that were listed.
FACT: In the month of January 2009 of all the 218 condos that came on the market, 28 were short sales and 7 were Bank owned foreclosures. In the same period in 2008: 10 were short sales and none were bank owned foreclosures.
FACT: In the month of January 2009 the average price of a condo that sold was $303,997. A year ago for the same period the average price of a condo that sold was $490,098.
The analysis is there for all to see. More properties are still coming on the market but there are Buyers out there seeing the value and getting off the fence to buy. It will be interesting as we track these same statistics month on month, and year on year if we will continue to see a rise in closed sales, whether the average price will stay stable go up or go down? And whether ultimately we have hit bottom or are still on the way down.
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