For those who are anxiously waiting for home prices in Miami-Dade County to drop further before buying a house, according to some real estate analysts, then you may want to start looking for that home these days.

Is this sounding too positive or what? However, according to a recent Miami Herald report regarding the local housing market, the sales figures for single-family homes here are currently down by 59% from last year, and prices have dropped by 4% as well.

Home Price Levels In South Florida

In Broward County for instance, home sales are considerably down by 34% and home prices have also slid by 4% from last year. The condominium market here seems to be taking a heavy beating as well. In the Miami-Dade region, condo sales have also dropped by 53% and prices have risen 3%, while in Broward sale are down 23% and prices are also down by 17% since November. According to some regional real estate brokers, the inventory for unsold single-family homes are down by 2% in Broward County from October.

With news like "The area housing market still slipping," this should sound like welcome news for anyone who has been anticipating a considerable fall in home prices in the Miami-Dade or Broward areas. According to regional housing analysts, the bad news for home sellers is that some economists are speculating that we have not yet seen the worst. Some say that the market has "not hit the bottom yet," and while some potential homebuyers are waiting to see how low prices will fall, others are not

Prospective Home Buyers Should First Analyze Local Market Conditions

For those who are pondering on purchasing a new home, first you need to study your local market and see what the prevailing trends are. While you look around, you'll always be reminded of just how bad things are with the real estate market. You'll hear plenty of stuff regarding the lack of qualified buyers, too much housing inventory, overvalued home prices are overvalued so forth. and the list goes on.

While a lot of negative stuff is happening on the housing front right now, and the Miami-Dade area is ranked among the most overvalued markets in the country, there still is a reason why those selling a condo in these areas need not pay too much attention to the negative news. In article titled "10 Reasons the South Florida Condominium Market is Hot," you'll read a lot and would learn to keep things in their proper perspective. The article stresses what it is about South Florida that makes it an irresistible place to buy a condo or single-family home. Among the reasons why more will come to buy homes here are:

- The weather. While half the nation is freezing right now, residents of South Florida could very much afford to bas in the sun, sand and lovely beaches.

- Spectacular Views. A lot of condo developments in the Miami-Dade region offer spectacular views of the water, whether they be located off the Atlantic ocean or off the yachts and estates lying on the Intracoastal waterway

- Great Values. The oceanfront and waterfront real estate properties in this region are highly sought after and rarely experience a decrease in value.

http://miamirealestatetrends.com - Miami Real Estate

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