Miami real estate statistics tell a remarkable story of today's marketplace in Florida. Home sales continue to fall as more Miami homes and condos/townhomes appear on the market for sale. Sellers are slow to lower their asking prices, which has resulted in a glut of both homes and condos on the market for sale.

According to data supplied by the Coral Gables, Homestead-South Dade, Kendall-Perrine, and Northwestern Association of Realtors or their MLS, in April of 2006 there were 8,159 homes for sale in Dade County, and 947 homes sold during that month. Just 12 months later, results of Miami real estate sales were dramatically different. In April of 2007, there were 13,440 homes on the market for sale in Dade, and 542 homes sold. The story was very similar with respect to condos for sale versus condos sold. For example, in April of 2006, there were 15,581 condos for sale, and 1,202 condos sold. One year later, in April of 2007 Dade County saw a whopping 22,924 condos for sale with a meager 741 units sold.

Some other interesting data affecting the Miami real estate market addresses the amount of time it took for listed homes in Miami to sell. In April of 2006 Miami homes that sold were on the market for an average of 66 days, whereas in April of 2007 homes that sold had been listed for 97 days. Sellers feel that the market will rebound, but buyers are playing a waiting game, and with good reason. Real estate is slow to move and the market still hasn't bottomed out.

alexshay.com

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