BrokerageIndustry News

Miami real estate sales soar, price slump drags on

Real Estate Market Profile

Flickr image courtesy of The Daily Ornellas.By some measures, one persistent dark cloud may be finally lifting over a region that is otherwise known for sunshine. Homes are selling again in Miami. Sales in March were noticeably brisk: Existing-home sales in Miami-Dade County spiked up 59 percent and condo sales soared by 85 percent that month compared to the same month last year, according to the Miami Association of Realtors. Prices, however, are another story. The same March data showed Miami-Dade prices continuing their years-long plunge, with single-family homes falling 19 percent, year over year, to a median of $159,800. Condos got cheaper, too: They dropped by 30 percent, to $97,400. Overall, home values have fallen more than 55 percent since the frothy days of June 2006. They are now back at 2002 levels, according to the Miami Herald. The pricing pressure, of course, comes from the steady flow of foreclosures and short sales, according to an Inman News canvass of agents...