Yes Inventory In Miami Is Up, But So Are Sales
August 23rd, 2010 | categories: Coconut Grove Real Estate
Recently Ron Shuffield President of EWM Realtors Inc. was featured on The Miami Herald’s Business Show. Here is a quick recap of his discussion:
- In the months of June and July, Miami saw a slight uptick in the amount of homes for sale (single family up by 3%, condos up by 1.7%). This was the first increase in inventory we have seen in 2 years. Those increases are due to new foreclosures that are hitting the market. Although the number of foreclosures being filed are down, the number that are now hitting the market are up.
- The good news is that sales are also on the rise in Miami. Since the summer of 2008 (when the rebound of the market officially began) we have seen sales double in both the single family market and the condo market.
- In the luxury market ($1,000,000+) Miami has seen an increase by 30% in single family home sales and an 85% increase in condominium sales.
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