Miami’s supply of Condos for sale continues to drop as indicated by statistics published by “Facts & Trends” Trendgraphics.com
At of the end of May 2009, Miami-Dade County had 19,923 Condos listed for sale. This represents the lowest number of Condos for sale since the inventory peaked at 24,905 in May 2008. The May number of 19,923 also represents a drop of 5.5% from April 2009.
Lower inventory levels is good news for Sellers and Developers and a strong warning to undecided Buyers who seem to be waiting for X price before they decide to buy.
As of the end of May 2009, Miami-Dade County recorded 757 sales of Condos which represents a 99.7% increase in sales from the lowest monthly sales number recorded which was December 2007.
This is another welcome sign for Sellers and Developers who are unloading inventory at fire-sale prices.
AVERAGE PRICE PER SQ FT
Average Price per square foot (SF) is a better indicator of the state of Miami’s real estate market.
As of the end of May 2009, Miami-Dade County recorded an average price of $205/SF. Although this number is 15.8% higher than the April 2009 number, it is still 44.7% lower than the highest number recorded on May 2007.
The above Inventory and Sales figures, combined with the attractive average price/sf numbers – certainly an improved picture from several months ago – continues to attract buyers to the unique deals available today.
And although some argue that an increased number of foreclosures could temporarily derailed this recovery – a possibility more evident in properties valued under $300,000.00 – the real estate sales outlook for the remainder of 2009 and into 2010 still favors a Buyers market.
Finally, smart money continues to chase investment opportunities with Developers, its Lenders and their respective unsold Condo inventory.
Don’t miss out on 2009 buying opportunities!
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