Miami, And the Good News Is Home Prices are Stabilizing

By
Real Estate Agent with ReMax Advance Realty

Home prices are closer to stabilizing today than at any time in the past nine years.

Based on the latest data, median selling prices for new and existing homes combined now equal 2.9 times median household incomes, nationwide. This is exactly the ratio that prevailed during the halcyon days of the 1980s, when sales and construction of housing were booming.

Three years ago, just before the housing bubble burst, this ratio was 4.5 times incomes.

Add in the fact that interest rates are much lower today than they were two decades ago and housing is even more affordable.

twitter-blue-bird3

Lynn Cromer is a real estate sales and marketing professional for Coldwell Banker in beautiful Pinecrest, Florida. For more information on Pinecrest, Florida or the communities of Coral Gables, Palmetto Bay and Coconut Grove, she can be reached at 305-962-4068, by email at Lynn@LynnCromer.com or online at www.LynnCromer.com

As a reminder for those who subscribe to the South Florida Home Blog by email, some embedded pictures and videos might not be appearing in your email and you might need to click the title header to go to your browser where all will be visible. Additionally, if you would like to respond (leave a comment) to this article, you will need to “click through” to the blog site to post your feedback.

Posted by

Lynn Cromer & Robin Parker are real estate sales and marketing professionals for Coldwell Banker in beautiful Pinecrest, Florida. We have over 25 years of real estate experience!
For more information on Pinecrest, Florida or the communities of Coral Gables, Palmetto Bay and Coconut Grove, Lynn or Robin can be reached at 305-962-4068 for Lynn, at 305-546-0447 for Robin, or email us and visit us online at www.WeSellMiami.com.

Also, let's connect on these great social networks. It's fun!

Facebook       Twitter       Linked In

Lynn Cromer & Robin Parker
Coldwell Banker Pinecrest Office
305-962-4068 Lynn Cromer
305-546-0447 Robin Parker

We would be honored to help a friend, family member or colleague in their real estate needs.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Florida Miami-Dade County Pinecrest
Groups:
Almost Anything Goes
Advice and Valuable Information for Agents
Local Expert
Advice for Sellers
Tags:
palmetto bay real estate
coral gables real estate
pinecrest real estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,350,060
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Your description of your market is mirroring what I'm noting in my secondary home/non-local marketplace.  

Mar 12, 2009 03:58 AM #1
Anonymous
Lynn

I'm also noticing buyers coming out of hiding and anxious to buy! You?

Mar 12, 2009 04:15 AM #2
Rainer
478,183
Not a real person
San Diego, CA

We're still at median home price ($280,000) being four times the median income ($70,000), but that's actually extremely good for us. It means that almost 50% of San Diego households can now afford to buy a home, up from a mere 7% just three years ago. We've had seven consecutive months of increasing home sales and decreasing prices. February should be the eighth; they are late releasing the stats for February.

Mar 16, 2009 08:28 PM #3
Rainmaker
40,200
Lynn Cromer
ReMax Advance Realty - Miami, FL

Actually, locally in Miami, Florida, our statistics are closer to yours. My blog was a national stat, but still, our median price in miami is dropping further. But like yours, it's better! Thanks.

Mar 17, 2009 12:20 AM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
40,200

Lynn Cromer

Ask me a question
*
*
*
*
Spam prevention

Additional Information