Welcome to Miami, Bienvenido a Miami!

MIAMI: The sun, the sand, beautiful people, natural scenery, and of course, beautiful homes. When one thinks of Miami, Florida, real estate usually isn’t the first thing that comes to mind, unless you’re talking about multi-million dollar homes owned by celebrities. Little does everyone know, Miami is actually a great place for real estate… especially homes that DON’T involve spending millions of dollars. 

We decided to feature Miami this week because of it’s rapidly changing real estate market.

Real estate in Miami doesn't HAVE to cost you an arm and a leg.

Here are the facts and figures for ALL properties in and around the Miami area:

• The average listing price of ALL properties as of June 6th, 2009 is $404, 661 (down 0.2% from 2008)
• The MEDIAN sales price of ALL properties as of June 6th, 2009 is $180,000 (down 35.7% from 2008)
• The number of SALES of ALL properties from January 1st, 2009-June 6th, 2009 is 3,236 (this is actually UP 73% from 2008)
• There are 15,166 homes listed for sale
• There have been 6,868 recently sold (within the last 9 months)
• There are 10,074 foreclosures

Here are the stats for SINGLE-FAMILY homes as of April 31st, 2009:

• 555 single-family homes listed for sale in April 2009, as opposed to 281 in April 2008
• Median sales price is $177,000 in April 2009, as opposed to $291,900 in April 2008

Here are the stats for CONDOMINIUMS as of April 31st, 2009:

• 542 condominiums listed for sale in April 2009, as opposed to 318 in April 2008
• Median sales price is $133,500 in April 2009, as opposed to $275,000 in April 2008

These numbers tell us that it is truly a buyer’s market in Miami. The sales price of all properties is lower than usual and is beneficial to first time home buyers. 

Now, this doesn’t mean that if you are thinking of selling your home that you shouldn’t. If you are in a low-range market, now is the time to sell. Homes listed for $200,000 and under are selling like hot cakes due to their appeal to first time home buyers. 

With all the fun and natural beauty the Miami area has to offer, buying and selling real estate only makes it that much better.