Some interesting statistics in a recent article published by the Miami Herald show that real estate in Miami may be showing signs of stabilization. The Miami condo market is generally regarded as the worst segment of the Miami real estate market, but recent statistics show that from November of 2006 to November of 2007 the median price for condos actually rose by 3%. These statistics take into account all of the closed condo sales in Miami-Dade County for that one year period. In that same period the median price for homes sold in Miami-Dade Country were only down by 4%. On the flip side of that coin however, inventory is up and sales volume is down. This is not a very fair comparison because the middle of 2006 was the top of the real estate market, and as we all know 2007 was a bad year for real estate. There are still plenty of homes being bought and sold in Miami-Dade and the statistics are today are comparable to the statistics from the years leading up to the real estate boom we experienced here in South Florida. If you would like a copy of the Miami Herald article please send me an email and I will send It to you in PDF format.

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