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The real estate market in Miami especially the residential section is now suffering a huge slow down within the last year. The good news is that it is not crashing which still makes the market stable at this time. This is according to a report that was released by the Douglas Elliman, a brokerage, and Miller Samuel Real Estate Appraisers & Consultants which is based in New York.

According to the CEO of Douglas Elliman’s Florida office, Jay Parker, this type of market has never experienced stability pointing to the unending up and down cycle in the region. He also added that since they have experienced the highest growth in the last few years it is only natural things will start to slow down at some point but this does not mean that the market is crashing. He explained that this phenomenon will make the market come out as more sustainable than ever.

Based on the report that was released for the second quarter of this year, the number of houses that has been sold in Miami Beach and the surrounding barrier islands have decreased by around 25 per cent compared to the number recorded last year. In terms of sales in the downtown part of Miami and the suburb, the sales have also decreased by around 12.5 per cent in an annum. Despite these numbers, the record still shows that it is greater than the average sales ever recorded in history of the Miami real estate market.

The numbers that were released are sales from both condominiums and single-family properties. The real estate market of the Miami Beach covers the following areas – Fisher Island, Sunny Isles Beach, Key Biscayne, Bal Harbour and Bay Harbor Islands. The Miami real estate market, on the other hand, covers the following: Palmetto Bay, Aventura, South Miami, Coral Gables and Pinecrest.

Sellers are now having a challenge when it comes to selling the properties in the market. This is not the case in the real estate market of Thailand. There is an obvious boom and more and more people are investing on the real estate in Pattaya.