2016 Single Family Home Sales in The Roads:
$792,476 Average Sales Price
$322 Average Price Per Square Foot
97 Average Days on Market
Total Home Sales - Past 5 Years
This past year was very strong for single-family home sales in The Roads, with more total sales (42) than in 2015 (34) and 2014 (40). In addition, none of the sales in The Roads during 2016 were foreclosures or short sales, compared to 5 such sales in 2015 and 13 back in 2013. The high number of sales shows demand for homes in The Roads continues to be strong and the lack of distressed sales indicates that homeowners have regained the equity lost during the past economic downturn.
Now that we know how many homes sold over the past five years, let’s take a look at how prices have changed. Please note; for a more accurate year-to-year comparison the following figures do not include foreclosures and short sales. We are only comparing “conventional” sales.
Average Sales Price - Past 5 Years
STATS: In 2016, nine homes in The Roads sold for over $1 million compared to just one sale above $1 million in the previous 4 years combined.
5 Year Comparison - Average Home Size
STATS: Of the forty-two houses that sold in The Roads in 2016, twenty-nine were over 2,000 sq.ft. (with eleven of those being over 3,000 sq.ft. and three of them over 4,000 sq.ft.)
Average Price Per Square Foot - Past 5 Years
STATS: The 5% rise in 2016 was the smallest annual increase over the past five years.
Average Days On Market - Past 5 Years
STATS: Of the forty-two home sales in 2016, thirty-nine sold within the first six months on the market (with 25 of these selling within the first three months, but only one in its first 30 days).
Average Discount Off List Price - Past 5 Years
2016 Market Analysis
In addition to the increased number of sales, the price per square foot rose by 5% year-over-year. While it is not the 15% year-over-year increase that we saw in 2015, it is actually a good sign to see prices rising at a more measured pace. Double-digit annual increases cannot continue forever without becoming unsustainable and leading to a major crash, so it’s good to see the market adjusting itself while still growing.
Large homes were very popular in The Roads in 2016, with the average house sold being 2,460 square feet. In fact, 29 of the 42 homes that sold were over 2,000 square feet. With the stronger economy, demand for larger, more expensive homes has increased, which has benefitted The Roads.
One thing to note is that the average days on market rose to 97 days in 2016, up from 67 days the previous year. The high sales prices have brought more sellers into the market, which increased inventory. With the added competition, sellers who want to sell their home at the best price and in the shortest amount of time should avoid overpricing their property. There’s no need to discount or “give the home away.” Simply pricing at- or close to- fair market value increases buyer activity and the likelihood of receiving more - and better offers. The longer a home sits on the market, the more likely it is that buyers will make even lower offers and negotiate deeper discounts.
All in all, The Roads continues to be a very desirable neighborhood that generates great buyer interest. Its privileged location next to Brickell and minutes from Coconut Grove, Little Havana, Key Biscayne and Downtown Miami offers countless dining, shopping, cultural and entertainment options, while its rich history, spacious homes and tree lined streets give it the charm and beauty homeowners crave.
Thank you for reading. If you have any questions about the market or need help selling, buying or leasing in The Roads and surrounding neighborhoods, we invite you to send an email or give us a call.
Ivan D. Ramirez PA | (305) 588-3750 | firstname.lastname@example.org
Ron N. Sadaka | (786) 284-9400 | email@example.com