Has Miami Real Estate Hit Bottom?

The question of the day!! Has Miami Real Estate Hit Bottom??

Most of you that know us know that we are not the type to follow NAR’s latest REALTOR bandwagon with “Now is the time to buy” campaign – we just don’t see how a National Campaign of that magnitude can generalize about every real estate market since each one is so local in nature.

With that said, there are tell-tale signs that you, as a buyer, should be aware of:

• Investors buying

• Renters buying

• Sales Increasing

We have seen the numbers of Investor movement increasing at a drastic pace. Although we are also hearing the known phrase “Buy when no one else is buying”….. others are also catching on. These investors are not only local, but they come from other parts of the US, from Canada, Europe and South America.

We are also seeing those people that chose to rent 8 months to a year ago (because they wanted to wait for the market to stabilize), making their move now, or at least are beginning to consider to buy.

Miami Real Estate Sales have also increased and numbers don’t lie. Here are some examples taking into consideration sales in the first 4 months of the year (from January 1st to April 30th) and the second third (which is not done yet) from May 1st to Today – August 16, 2008. You can see how sales are slowly creeping up.

• Miami Beach Real Estate – single-family homes
  • • First 1/3 of the year – 28 closed sales
  • • Second third of the year – 40 closed sales.

• Miami Shores Real Estate – single-family homes
  • • First 1/3 of the year – 26 closed sales
  • • Second third of the year – 35 closed sales

• Miami Real Estate – single-family homes
  • • First 1/3 of the year – 907 closed sales
  • • Second third of the year – 950 closed sales

• El Portal Real Estate – single-family homes
  • • First 1/3 of the year – 1 closed sale
  • • Second third of the year – 4 closed sales

• Aventura Real Estate – condos
  • • First 1/3 of the year – 208 closed sales
  • • Second third of the year – 266 closed sales

Please don’t misconstrue this to mean that we are telling you to rush out right now and buy a property. The truth is that prices may keep dropping a bit in certain neighborhoods, but if you are looking for a long term Miami real estate investment, the signs of a stabilizing market are starting to show.