Miami real estate has undergone its share of turmoil in the past few years, and many homeowners have suffered as a result. However, there are signs that a bottoming out is taking place right now, at least with respect to the sale of single-family homes in the Miami area. The latest statistics documented by Realist.com, showed a substantial increase in sales of single-family residences this July over July 2008. Last month 1,622 homes sold, as compared to 1,277 in July of 2008, a remarkable increase of approximately 27%. That is the good news. The bad news is that median home prices dropped considerably from a year ago. The median home price in July 2008 was $249,000, and last month, it was $206,000, a decrease in value of more than 20% from a year ago.
Condo sales tell a far different story. The overbuilding of condominium towers by greedy developers over the past several years, has taken its toll on thousands of Miami residents. In July of 2008 the median sales price of a condo in Miami was $348,000, and one year later, in July 2009, the median price dropped to $230,000, reducing the price of a condo to only 66% of its value just 12 months earlier. Sales have also dropped substantially in the Miami condo market. In July of 2009, only 1,524 condo units sold in Dade County, as compared to 2,441 sold apartments in July 2008, a drop of more than 40% in number of sales from the same month, a year earlier.