Miami Real Estate Had Bid Summer Goodbye With So Much Activity Gained And Even More Room To Grow

31 October 2011

When people think of Miami, people tend to think of summer. Who wouldn’t? Miami does have some of the finest beaches in the world and the very climate of the place is definitely good enough to keep people living it up like it was summer all year round.

But people who are engaged in the world of real estate will look back at the summer of 2011 as being one that has left people with a good reason to celebrate as it marks even more progress towards the goal of being able to bounce back from the crisis that has struck markets all over the United States, leaving Florida as having some of the worst effects in the after-math.

There has been a boost in home sales on the Miami real estate market of a whopping 25 percent compared to figures from 2010 making way for a brand new record which was not seen on the charts since 2005.

It seems that the great deal of activity and sales that have taken places involved home properties that were being sold on the local market for values below $200,000 and home properties that were being sold for over $800,000. The majority of these home properties that were sold over the summer were situated within prime areas in the Miami-Dade County region.

Needless to say, many believe that there is still a lot of work that needs to be done as we are now looking at figures that are still below the average which can only mean that the Miami real estate market will be needing as much help as it can get in order to reach the market turnaround that so many people have been hoping to happen.

But regardless of the fact that there is a long way to go before the market turnaround should take place, people are quite confident in the local market because of the fact that the demand for Miami real estate properties is very high and such a level of interest in the local market can easily be attributed to the great bargains that are currently available to real estate buyers and investors from all over the world.

As the end of summer has come and the beginning of a new season has arrived, prices on Miami real estate home properties are still relatively low and it has been recorded that the median price that has been paid for the great majority of home properties as well as condo properties within the region during the month of August was $132,000 which is still almost 3 percent down from the previous month.

Joan Vonnegut
Miami Real Estate