Miami Beach Florida: Market Report

The real estate market has had to bear most of the brunt during the sub-prime home loan crisis and the following recession. In the recent months it has been crawling back towards normalcy. So how does Miami Beach, one of the high profile real estate markets in the US, been in the past few months?

June has brought a pleasant ray of sunshine to the real estate market in the City. Miami Beach FL Homes, whose sales had almost grinded to a halt, are now picking up again. The following facts illustrate that

• The number of houses lying for sale i.e. Inventory has reduced in all areas of the city over June
• Areas like Miami Shores (21 less), Fisher Island(13 less), Aventura (47 less) have shown significant inventory reductions over the past month
• Surfside showed a significant amount of condo sales, with the highest price being around $2.5 Million
• Fisher Island recorded a sale at a whopping $30 Million for a 5 bedroom home complete with artwork et al. Also Oprah Winfrey’s residence was one of the closed sales in the area for $1.1 Million.

A closer look at the real estate scenario in the city, especially when it comes to Miami Beach FL condos, shows that prices are down almost everywhere from last year. For example, South beach had its listing prices for houses drop from $1,238,498 in 2008 to $1,099,077 in 2009.

Another important point to consider when seeing the property sale figures in Miami Beach are the amount of short sales and foreclosures. Figures are significant in places such as Miami shores, where average price of sale was also quite low. Basically, the real estate market in Miami Beach FL is crawling back but still has a fair amount to improve.