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Miami Real Estate – Quarterly Update For Miami-Dade County

Wow, EWM’s Coral Gables office alone had over $24,000,000 worth of transactions this week!  Does this mean the market has finally reached bottom?  Not necessarily, but if we are not there yet in terms of prices,  I think we are in terms of the decrease in sales.  Put in perspective, the lowest level of inventory for all single homes in Miami-Dade County listed on the MLS was in April of 2005:  2,973.  Based on the number of sales for the first quarter of 2009, our inventory peaked in July of 2008 with 17,070 single family homes.  The  inventory at the end of April stands at 11,936.  As you can see the from the graph below, inventory is starting to move.  Summer is the peak of purchasing season, especially for single family homes, so we should see significantly more movement over the nMiami Real Estate Market Trends ext several months.