A residential property analysis of homes and condominiums in Dade County, which includes Miami and Miami Beach, as well as a number of other surrounding communities, told a clear and undeniable story. According to data supplied by the Coral Gables, Homestead-South Dade, Kendall-Perrine, and Northwestern Association of Realtors or their MLS, in February 2006 there were 6,997 residential single-family homes for sale and 721 homes sold in Dade County. In February 2007, there were 12,430 single-family homes for sale, and 519 homes sold. The story was very similar with respect to condos. In February 2006, there were 13,436 condos for sale in Dade, and 965 condos sold. In February 2007, there were 22,025 condos for sale in Dade, and 617 condos sold.

According to a recent published report, Florida foreclosure activity in February of 2007 was up more than 63% from January. That's one foreclosure filing for every 382 households in Florida. There were 19,144 foreclosure filings in Florida during February, the most of any state.The first quarter of last year was already a very slow market in Miami, and in the first quarter of 2007 the market continued on its downward trend. Prices will continue to come down a bit more in the Miami area, before there is a rebound.

The first quarter is usually the best quarter in Miami, because that is when so many people from so many countries all over the world come to Miami to enjoy the amazing weather, and the wonderful beaches and restaurants. It is also the time when they buy Miami real estate, either for a second home, or for an investment. That has not happened for the past 2 seasons, but property is still undervalued in Southeast Florida, relative to some other parts of the country like California and New York.

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