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**