Latest Market News (July 31 2006)

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.