If you are a seller and frustrated that your home isn’t selling it may be comforting to hear that you aren’t alone. The Miami real estate market is experiencing some delayed effects from Hurricane Irma which include fewer pending sales and fewer new homes on the market.
The below charts show the comparison in pending sales between 2016 and 2017 for September, October and November in Coconut Grove. As you can see, the number of pending sales for the past 3 months has been significantly lower this year since Hurricane Irma made landfall on September 10th. Although the hurricane took just 24 hours to pass through Miami, the fallout has lasted for much longer. I believe that those who were gung-ho about buying in the fall got side-tracked, and are just now starting up their home searches again.
Another factor that has contributed to fewer pending sales is fewer new homes on the market. With less new inventory, it is natural for there to be less activity.
I strongly believe that the market will continue to be a little sluggish until the end of December. Looking forward to things picking up in the New Year! Stay tuned to the blog for important market updates and new trends!