The entire southern region--including markets like Miami Beach real estate—had some very encouraging activity last month, a trend that’s largely continued towards the end of 2009 and has remained in full effect during the holiday season. Over 170,000 home sales took place last month per the National Association of Realtors, a substantial increase of nearly fifty percent compared to last year.
To be more specific, Miami and Miami Beach real estate collectively saw a huge surge of nearly sixty percent in November, quite a large number that almost offsets the fact that median prices in Miami did manage to fall once again. This price now stands at $152,000.
There’s little need to go into the reasons for all these welcome increases as they remain the same ones that have contributed to increases of Miami Beach real estate sales in the past. There are only a few more days left before we close out the decade, will this continued drop in median sales price and increases of home sales lead to a fruitful 2010? Based on current activity, it looks like there may be some more encouraging news to come as real estate continues its long road to recovery.