In Miami-Dade County for May 2008, there were 1,004 closed sales. Currently, there are 42,956 condos and houses for sale in the county. 1,567 units are pending sale -meaning they went into contract. The average sale price was $496,000, however, the median price was $288,000. Average days on market was 134 and sold for an average of 91% of list price.
A year ago, inventory was 37,820 units and there were 1,572 closed sales. From one year ago, there was an increase in inventory of over 5,000 units or more than 13%, where as there was a sales decrease of more than 35%.
For more information on Miami real estate, contact me at 786.553.0697, email me or visit my website at www.HomesForVIPs.com.
Miami Beach, South Beach Waterfront Real Estate Experts-Michael & Cristina live there and specialize in selling oceanfront condos and luxury homes internationally. Spanish, Portuguese & French spoken.
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Wow, Michael. That's a huge average price compared to Texas. We are a lot more affordable here. The ratio of pending to available sure makes it a buyers market. How's your business?
Later in the rain~Deb
Great post! Check out my Ohio Market Report here http://activerain.com/blogsview/573187/May-Market-Report
Christina
Good luck in Miami,. Thanks for the report, JP
Hopefully things have already hit the bottom and are starting to come back up again. I have been watchinng Miami real estate for a couple months now. Even if prices do lower I would say that now is a great time to buy. I don't think we will ever see prices this low again. Good Luck!!