As a result of the end of the temporary tax reduction for new home buyers existing home sales in Miami slid 8 percent, to 593 homes sold in July from 643 a year ago. The median price, however, edged up 3 percent, to $199,300 from $192,700.
Greater Miami saw existing condo sales jump 43 percent, to 837 from 585. But the median price slid 20 percent, to $110,500 from $137,600.
Looking at the major condo buildings in Miami Beach the overall average selling price in 2010 is about $653/sf, a 3% drop from about $675/sf in 2009. Overall, we consider 2009 and 2010 market values to be more-or-less equal in the attractive areas.
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