Miami FL Real Estate Officially a Buyer’s Market

[Alex Shay]

It's officially a buyer's market in Miami. Miami FL real estate market conditions have been less than favorable lately if you are a seller in Miami. According to data supplied by the Coral Gables, Homestead-South Dade, Kendall-Perrine, and Northwestern Association of Realtors or their MLS, in June of 2005, there were 3,261 single-family homes on the market in Dade County (which includes Miami, Miami Beach, and a number of surrounding smaller cities), with 1,196 sales. In January of 2006, there were 6,364 single-family homes on the market, with only 687 sales. In August of this year, there were 10,579 single-family homes for sale in Dade County, but there were only 705 sales. September of 2006 saw 11,103 single-family homes in Dade County, for sale; with only 758 homes sold.

The condo market in Dade County has been similar. In June of 2005, there were 5,550 condos for sale in Dade, and there were 1,564 sales. However, moving into January of 2006 there were 11,800 condos listed on the market for sale, but only 915 sales. In August of this year, there were 18,133 condos in Dade for sale, with the number of sales falling to a 15 month low of 823 condos sold. September of 2006 fell lower with a total of 18,974 condos for sale in Dade County, and 805 sales.

This is all good news if you are looking to buy real estate, because there is so much to choose from, and the savvy buyer can make a wonderful deal in this real estate climate.