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Optimism for Miami Real Estate Market

The report is out and the Florida Realtors said that positive signs in their local housing markets during first quarter 2008,noting a slower rate of expansion for inventory levels and an increase in pending home sales (based on contracts signed but not closed) in some areas. Which is a healthy sign if you are an optimistic like me who is waiting to have a good turn for Miamis real estate status in the market, It has been said too often that the market is suffering but if you really look close on the numbers and make you own assessment on it youll know where your market stands.

Which brings me to the sales of existing condominiums improved from fourth quarter 2007 to first quarter 2008 and that is according to the latest housing statistics from the Florida Association of Realtors. A total of 8,581 existing condos sold statewide in 1Q 2008, an 8.3 percent increase over 4Q 2007 when 7,923 units sold. Well I dont know about you but seems to be a solid number considering the markets state right now. The blame game is really being played now and I think its not at all healthy to do so, but we have no control to other peoples opinion or thoughts.

If we look at what is happening month-over-month for 2008, it appears that the bottom of the housing slowdown may be here, we are now seeing more activity, more sales and even prices starting to rise in some markets. So I believe that there are some really good signs in many areas of our state. Activity in the market is evident and we are trying to learn more things as we progresses. The common knowledge of most people is the obvious drought, not looking into the deeper root of the situation.

When trying to figure out things on the market especially in the Miami real estate side, you have to be keen. Looking at the year-to-year quarterly comparison, a total of 25,443 single-family existing homes changed hands during the three-month period, a decrease of 26 percent compared to 34,298 homes sold during the same time a year earlier, according to FAR records. The statewide existing-home median sales price was $202,300 in the first quarter; a year ago, it was $238,900 for a decrease of 15 percent. Thus giving us the idea that things are looking pretty well in the future for the real estate market will have a significant movement over the few coming months. Now that is optimistic.

Jron Magcale http://miamirealestateinc.org

http://miamirealestateinc.com - Miami Beach Real Estate

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