The entire real estate market has been depreciating for some time. Some areas have declined more than others. I would say that areas like Coconut Grove, the Gables, Pinecrest, South Miami, and the Falls have actually seen a shallower decline than areas like Homestead, Cutler Bay, and other areas which have not seen as much overdevelopment.
As long as incoming inventory is higher than sales, prices will go down. So the short answer to your question is, yes, prices will continue to go down, but not as badly as other areas. We have seen a pick up sales in many areas the last couple of months, so if there is a specific neighborhood you are looking at, get in contact with me and I'll get the exact data for you.