The “Sale Price/List Price” ratio is calculated by dividing the average sale price by the average list price. Knowing this number for the particular neighborhood that you want to buy a home in is important because it can give you a good idea of where to start your negotiations. In most areas of Miami, the typical sale/list price ratio is 90%. This means that homes sell for approximately 10% off of their asking price.
On Key Biscayne right now, there is a very high sale/list price ratio of 94%. This means that sellers are less negotiable and buyers will end up paying closer to asking price.
This is due to low inventory levels and high demand for homes on the Key. Knowing this figure will keep you from making too low of an initial offer and possibly losing out on the home that you want to buy.
If you are interested in working with Realtors who track the market and specialize on Key Biscayne, please contact us. We can be reached anytime at 305-342-1623 or by filling out our contact page here.
