A Market Snapshot of Ponce/Davis Real Estate
The Zeder Team places a spotlight on the Ponce/Davis real estate market.
Ponce/Davis is an area of unincorporated Miami-Dade County, only about one square mile in size, that has predominantly acre-plus size properties yet is located less than ten miles from downtown Miami. The closest large area to downtown with such large lot sizes, it is roughly bordered by the City of Coral Gables on three sides, to its East (SW 47 AVE/Erwin Road), North (SW 72 ST/Sunset Drive), and South (SW 88 ST/Kendall Drive), and by the City of South Miami on its West (SW 57 AVE/Red Road). With a truly special location and expansive residential settings, Ponce/Davis real estate consistently has the highest non-waterfront, mainland selling prices of any area in the county.
Currently there are only 14 homes listed in Ponce/Davis on properties that are over a half-acre. They range in asking prices from $2,100,000 to $9,995,000, and are on lot sizes from 26,292 sf to 78,278 sf. There have been a total of 7 sales in this price range in the last six months (July 1, 2015 to year-end), along with one Pending Sale, at selling prices ranging from $1,700,000 to $5,150,000. This is equivalent to about eight months of inventory, generally considered a very healthy market.
Of the 14 Ponce Davis homes on at least a half-acre, only two are listed for less than $2,500,000. Since July 1, 2015, there have been 4 sales of homes at $2,500,000 or under. With only 2 homes on the market in this price range, equal to a three-month supply, this is the most active price section in the Ponce/Davis market, and by far the most difficult price range in which to find a home.
Between $2,500,000 and $5,000,000, there are currently 8 homes on the market — the largest number of active homes. With 2 sales in the last six months, there is currently a 24-month supply of homes in this range, a bit more than a healthy market would want.
Over $5,000,000 there are 4 homes currently on the market, and there has been 1 sale in the last six months. This also equals a 24-month supply, but this section also includes the only Pending Sale, of a currently listed property with an asking price of $5,799,000.
A very small area with great access to much of Greater Miami, Ponce/Davis has been, and should continue to be, an area of very high demand, due to its excellent location, very attractive homes, and large lot sizes.
We hope you have enjoyed this market snapshot from The Zeder Team. Working within EWM Realty International / Christie’s International Real Estate, our team is consistently ranked among the Top 5 Realtors in Miami-Dade County, from a field of over 35,000 real estate professionals.
Nathan B. Zeder
The Zeder Team
EWM Realty International
Christie’s International Real Estate