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Miami Real Estate Market May Be Turning

moving-on-upCould it be?  While it is too early to say for sure, there are definitely signs that real estate market in Miami-Dade County may be turning.   As I have said before, this recovery is going to be location and building specific, meaning some are going to recover faster and with less overall price decreases than others.

On a county-wide level, there are a number of positive signs, including:

  • Inventory is starting to move.  For single family homes it has decreased 30% over same time last year and for condos it is down 18%
  • Median prices are significantly lower.  Single family homes have plunged from their peak  of $381,000 in July, 2007 to $177,000 at the end of April, 2009.  Condos are down from their peak of $269,000 in April of 2008 to $139,000 in April of 2009.
  • Sales are up.  Single family sales increased 77%  and condo sales increased 60% over same time last year.

Related articles:

Pinecrest, FL Real Estate – Market Trends First Quarter 2009