Surprisingly, several market indicators came in higher better than expected. Nationwide pending home sales were up .7% and new construction starts were up .3%. Investors expected both to be in the negative.
The Miami Today reported that locally the number of closed sales were down but the median price still increased versus 12 months ago for the month of February. For Dade County 417 single family homes sold versus 458 last year, The median price increased from $368,700 to $381,400. For Condos 432 units sold versus 774 last year and the median price increased from $266,900 to $279,500. This supports that in general prices are holding despite the decrease in the number of buyers. We think that a big factor for this is the fact that most homeseller do not actually have to sell and the motivation isn't there to lower prices.
Stay tuned for the official Pavlik Real Estate Group pending sale and inventory report coming this week for the month of February.