Prices of residential real estate increased slightly in Miami Dade in June 2006. The bad news is that the number of transactions for homes plunged 33% from 1310 to 885 compared to June 2005, transactions of condos declined 31 % from 1530 to 1050.
The inventory for existing homes and condos for sale doubled compared to last year. The market takes a breath, buyer are taking a wait and see position seller are mostly maintaining their asking price. The sales of pre-construction condominium took a terrible hit, due to the large over supply of units for sale. It is anticipated that the market could resume its healthy progression should the hurricane season remain calm.
-- Contributor, Eric Harari, for MLR Realty
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