Just yesterday news websites were reporting that existing home sales during the month of December plunged by over twelve percent. Apparently this plunge went overlooked in South Florida.
In Miami-Dade county alone existing home sales for property like Miami Beach real estate skyrocketed by more than 43 percent during the same month of December when compared to 2008. Median prices still managed to fall but the drop was not as large as expected, dropping only five percent on a year to year basis.
This drop has lead some real estate experts to believe that prices are finally screeching to a halt from the freefall. In fact, some areas like Miami and the city of Coral Gables are seeing prices increase once again. Will prices for Miami Beach condos soon follow?
If these figures hold up, the National Association of Realtors predicts that the housing recovery will kick into gear during the second half of this year. January is already coming to a close, that recovery may not be too far off. Are you among the people taking advantage of today’s [much lower] Miami real estate prices?