Could 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.