The real estate market in the Miami area has continued to remain soft, with prices falling in both the housing and condo markets. Listings of homes on the MLS have increased, and sales have decreased.
According to data supplied by the Coral Gables, Homestead-South Dade, Kendall-Perrine, and Northwestern Association of Realtors or their MLS, in December of 2006, in Dade County (of which Miami and Miami Beach are part), there were 11,340 single family homes for sale, and there were 750 home sales made during that month. One year later, in December of 2007 there were 16,446 homes for sale, and 334 homes sold.
The condo market results were similar. In December 2006 there were 20,463 condos listed for sale in Dade County, with 846 closed sales. Twelve months later, in December 2007, 24,316 condos were listed, and only 305 sales were made.
A few short years ago, on Miami Beach, it seemed almost like every home or condo that was listed, sold in a very short time. Things have changed dramatically, and this is what has happened recently. In Miami Beach, in December 2006 there were 380 homes for sale, and 18 homes sold. One year later, 456 homes were listed, and 7 homes were sold.