by VentureStreet  Join Our Network
Miami Residential Summer Update

Good news for Miami homeowners and home sellers!

For years, we have watched real estate prices in South Florida tumble; but for the first time since 2006, it appears that trend is reversing.

According to market data provided by, the average price per square foot for Miami was $159 for the 2nd quarter 2011, an increase of 48.6% over the same period last year. The average-listing price for homes for sale in Miami zip codes 33129, 33145, 33133, 33131 was $412,514 for the week ending Jun 29.

Nicholas Joseph, a new homebuyer talks about what he hopes will be his home any day now. The two-story house in Coral Gables he just put under contract is exactly what he was looking for. He said “I have looked at over 65 homes and found myself competing with other buyers on every suitable listing. We are not really seeing any great steals from the asking price to the actual selling price,” he said. “I’m now offering full-price when I find something I like,” said Joseph.

Can we expect prices to continue to drop? “Definitely not in the popular neighborhoods of Coral Gables, Coconut Grove or The Roads,” Realtor Eric Yerina said, “Many homes are appreciating, especially in the close-to-downtown areas.” Homes that used to take many months to move, “Now sell in a week or two because the supply has greatly decreased.” Yerina recently sold a home just outside the Roads for about 15% ABOVE its asking price.

It’s all about supply and demand, and lately supply is disappearing quickly. Yerina said “People believe that these prices are as low as they are ever going to get. We will definitely sell more homes and condos in Miami-Dade county this year than we have sold any year in our history.”

The Realtors’ Association has the numbers to prove it. During the peak of our market in 2005, Miami-Dade Realtors averaged 2,200 sales a month. This year they are pushing close to 2,500.

With homes again selling, demand is pushing prices up. This is a very good news for sellers and homeowners indeed.

* Ron Sadaka is a licensed real estate broker and advisor serving investors throughout the US since 1987. Please feel free to contact him below.

Free Quotes from Real Estate Consultants
Find Local Real Estate Consultants
Other articles you may like:
Cindy Allen, Realtor
Have a question about real estate you want answered?

Property Tax Appeals - Are You Paying Too Much?
Most homes are over assessed in the current market. As property values drop in the...

In Real Estate - The Early Bird Catches the Worm
The Brazilian real estate market is on fire. Property prices there are going up between...

Ten Pitfalls to Avoid When Getting New Tenants
Over the years, I have learned a lot about searching for new tenants.  When my wife and...

Tips and Tricks for Online Real Estate Sales & Auctions
Learn some tips and tricks about making an informed decision regarding online real...

Be the first to find this article helpful.
Free Quotes from Real Estate Consultants
About the Author

Ron Sadaka, Ron Sadaka & Associates
Miami, FL 33129

Contact Author: request info

If you would like to re-print this article, please contact the author.
Other articles you may like:
A Guide to the National Association of Realtors
The National Association of Realtors (NAR) is currently one of the largest trade...

Estate Planning: Pre-Need Guardian Designation
Having a Pre-Need Guardian Designation is an essential element of every estate plan.

Do I Still Need Bypass Trust?
Are there continued benefits to utilizing a Bypass Trust strategy in your estate plan?

High End - High Altitude Marketing
New technology allows important advances and the ability to draw people in ways never...

Future Of New Homes
With the many developments made to improve energy efficiency in houses, the question is...

Editorial Disclaimer: The views expressed in articles published on this website are those of the authors alone. They do not represent the views or opinions of this website or its staff. The articles on this site do not constitute a recommendation or endorsement with respect to any views, company, or product. Authors affirm that article submissions are their original content or that they have permission to reproduce.

Home   |   Articles & Videos   |   Affiliates   |   Networking Groups   |   Search by Category

Terms of Use   |   Privacy   |   About Us   |   Contact Us   |   Member Login

©2003-2020 - VentureStreet, LLC

Join Our Business Network