Last month I attended a talk on market trends by Realtor Ron Shuffield, President of EWM.
Ron thinks we are at the point of "maximum opportunity" regarding real estate investment as we are approaching the bottom of the cycle.
The chart below projects hope and optimism for 2011 & 2012, which leads to the excitement and euphoria we saw in 2005 and 2006. The cycle will return and as the supply of homes decreases, prices will stabilize followed by appreciation.
The 2nd chart (below) shows we are quickly absorbing the available stock of homes in Miami-Dade County (the chart is for single family homes only, and does not include condos).
As of February 2010, there were 8,176 homes on the market. This is a 52% reduction from the high of 16,987 homes for sale in July 2008. The low point of the inventory was April 2005, when there were only 2,778 homes for sale on the market.
Thank you, we'll be in touch!