2007 Miami-Dade County Real Estate Market Conditions Summary – Miami Shores

Miami Shores Real Estate Market Condition Summary for 2007

38.39% drop in home sales – 38.67 % in condo sales

I always like to compare cities within Miami-Dade County that we work on a regular basis against the big picture – “Miami-Dade County” as a whole.

Although Miami-Dade County saw a drop in single family home sales of 38%, Miami Shores single-family home sales dropped 24.8%.

Please understand that we are not looking a price changes, but amount of properties sold. We have seen fewer buyers, we are seeing a lot more rentals, according to a few economists around the area, sales for single family homes should pick up by the second quarter of 2008 – the condo market is a totally different ballpark.

The average price of homes in Miami Shores in 2006 was $596,066 where in 2007 the average was $590.612. There was also a slight decrease in price per square foot. 2006 average price per square foot was $289.80 and $279.12 in 2007.

As you can tell from these numbers, there have been fewer sales, but there has not been a considerable drop in prices. The Miami Shores Real Estate Market remains strong even when confronted with adversity.

We are seeing foreclosures and short-sales which pull the value of the strong properties down, but if you are a buyer, don’t expect sellers to be giving their properties away.

**all information derived from SEF Multiple Listing Service**