Pete Flint’s Blog

I was talking to some brokers last week from Miami, who were telling me that prices were down sharply, but transactions were up significantly up over last year.
I thought I'd check out the data for myself.
See here for Miami housing market trends

:

For a 12 month view on number of sales:


And a 12 month view of median sales price.


It looks like while prices are still falling, the 1 bedroom properties are being bought up in much higher numbers. The number of sales has doubled in the last 6 months.
I'm curious who is buying these properties, are they mostly investors or normal consumers feel that prices are now affordable?
Look forward to any thoughts and predictions for 2009 in the Miami market.