Categorized | Residential

Miami Home Sales Decline in September

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After months of strong increases, the Miami residential real estate market showed that it, too, is not immune from the struggles faced by the rest of the nation. The Miami market still topped its sales numbers from last year, though it fell five percent from the numbers it hit during the previous month.

When compared to the previous year, single-family homes jumped by almost eight percent. Condominiums also have a strong jump from the previous year, rising nearly thirty three percent. However, the month-over-month slowdown is indication that the nationwide market is facing immense struggles. With even the most flourishing markets experiencing a slowdown, the predictions of a triple dip real estate market recession are looking more and more like a reality.

Analysts are not yet sure if the monthly decline in numbers experienced by Miami will continue in the coming months. International investors are clearly still inquiring about properties, and are buying into the market. However, with many cities in Florida expected to struggle severely if a triple dip in prices does become a reality, many wonder if Miami, too, will experience the negative effects.

Miami’s property market has soared over the last few months. It has become one of the most desired and sought after locations for international real estate investors for both vacation and business purposes. As a result, plans for further real estate development have come about, particularly with respect to the condominium market. While the latest report will do little to impact those plans, it definitely will raise some concern and perhaps cause some developers to reconsider such plans if the new trend continues.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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