Miami Real Estate Market Keeps Strengthening

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Sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA) increased 54 percent, from 855 to 1,316, compared to June 2010 but decreased seven percent compared to the previous month, according to the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

Jack H. Levine, MIAMI Chairman of the Board

Jack H. Levine, MIAMI Chairman of the Board

The Miami market has taken a lead position in sales growth and strengthening compared to the rest of the nation.

Sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA) increased 54 percent, from 855 to 1,316, compared to June 2010 but decreased seven percent compared to the previous month, according to the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

Sales of existing single-family homes rose 35 percent in June, from 686 to 923, and six percent compared to the previous month.

In June, 59 percent of closed sales were cash transactions. Cash sales accounted for 39 percent of single-family and 73 percent of condominium closings.

Statewide sales increased eight percent to 7,941 for condominiums and dropped four percent to 17,597 for single-family homes.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 0.8 percent from May and remain 8.8 percent below June 2010, according to the National Association of Realtors (NAR).

“The Miami market has taken a lead position in sales growth and strengthening compared to the rest of the nation,” said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS. “Current levels of supply and demand denote a healthy market that is expected to outperform others throughout the U.S. long-term. The demand from foreign buyers and investors, the expansion of the Panama Canal, and the vibrant tourism industry are just some of the factors that are expected to have positive effects on the local economy and real estate marketplace.”

Prices Continue to Stabilize
The effect of short sales and foreclosures on the median and average sales prices for both single-family homes and condominiums has lessened particularly in some areas of the county. In June, 57 percent of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 60 percent a year earlier.

The median sales price of single-family homes in June decreased nine percent to $180,200 from a year earlier but increased three percent from the previous month. The median sales price of condominiums dropped seven percent to $119,800 from a year earlier and three percent from the previous month.

“Despite the wavering economic news and forecasts, Miami real estate is outperforming the state and the nation and continues to grow stronger every month,” said 2011 MIAMI Association of REALTORS Residential President Ralph E. De Martino. “Prices, which typically lag behind sales, continue to stabilize, as foreigner buyers and investors increasingly play a crucial role in our remarkable market strengthening.”

Statewide median sales prices increased two percent to $93,000 for condominiums and dropped two percent to $138,000 for single-family homes.

The national median existing-home price for all housing types was $184,300 in June, up 0.8 percent from June 2010.

The average sales prices for single-family homes in Miami-Dade County decreased two percent, from $342,051 in June 2010 to $335,289 in June 2011. The average sales price for condominiums increased 35.2 percent, from $253,303 in June 2010 to $342,546 last month.

Local Housing Inventory Continues to Decline
The inventory of residential listings in Miami-Dade County dropped 36 percent from 25,190 in June 2010 to 16,252 in June 2011. Compared to the previous month, the total inventory of homes dropped four percent from 16,897. Since August 2008, existing housing inventory has decreased more than 62 percent, down from 43,100.

Total housing inventory nationally rose 3.3 percent at the end of June.

Note: Statistics in this news release may vary depending on reporting dates.

About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 24,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.

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Lynda Fernandez
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