2007 Miami-Dade County Real Estate Market Conditions Summary – El Portal
El Portal Real Estate Market Conditions Summary for 2007
38.39% drop in home sales – 38.67 % in condo sales
This graph shows the perfect representation of the real estate market in Miami.
El Portal only has single family homes. Although these vary in styles from 1920’s Mediterranean Revival homes to new spec homes, the area is a close community with it’s own city council as well as police force.
El Portal sales dropped 52% in 2007 from the previous year, as opposed to Miami-Dade County’s 38.9% drop in single family home sales.
The most shocking number is the fact that there are 51 months of inventory right now in El Portal. If you are a seller, not only should your house show in tip-top conditions to be able to compete with the other 58 listings, but you should be willing to negotiate.
There has been a drop in price per square foot but most importantly, only 14 sales in 2007.
It is definitely a charming city, El Portal’s river front properties are one of a kind, Sherwood Forrest is absolutely gorgeous, an Indian memorial and distinctive architecture should be attracting more buyers but only time will tell.
**information derived from SEF Multiple Listing Service**