Miami Existing Condominium Sales Continue to Rise Single-Family Home Sale Prices Hold Steady

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In the Miami Metropolitan Statistical Area (MSA), there was a 36 percent increase in condominium sales in September compared to the same month in 2009 and a 136 percent increase compared to two years ago, when sales were already rising, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS). This was the highest increase in condominium sales of any major metropolitan area in Florida.

Jack H. Levine, MIAMI Chairman of the Board

Condominium sales were by far the strongest in Florida and represent more than 60 percent of our market.

In the Miami Metropolitan Statistical Area (MSA), there was a 36 percent increase in condominium sales in September compared to the same month in 2009 and a 136 percent increase compared to two years ago, when sales were already rising, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS). This was the highest increase in condominium sales of any major metropolitan area in Florida.

The sales of existing single-family homes in the Miami MSA decreased a slight six percent to 582 in September compared to September 2009 but were 42 percent higher than they were in September 2008. The Miami real estate market experienced rising residential sales since August 2008, posting increases for 23 consecutive months. While condominium sales continue to post significant increases, single-family home sales are fluctuating slightly month-to-month but still reflecting marketplace stability.

“Condominium sales were by far the strongest in Florida and represent more than 60 percent of our market.” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of REALTORS. “While the sales of single-family homes dipped slightly this month, current sales statistics point to an improving marketplace, especially compared to other markets in Florida and throughout the U.S. It is also important to remember that countywide figures can be misleading, as we are experiencing strengthening sales and prices in various local areas, municipalities, and even specific projects and buildings.”

Statewide sales increased 10 percent to 5,675 for condominiums and dropped eight percent for single-family homes to 13,536. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 10 percent from August, but remain 19.1 percent below September 2009, according to the National Association of Realtors (NAR).

Home Prices
After posting increases over some of the last few months, the median sales price of single-family homes in the Miami MSA fell a negligible two percent year-over-year to $188,000 in September but increased three percent from the previous month.

The median sales price for condominiums in September was $99,400, down 25 percent from a year ago. Statewide median sales prices decreased six percent to $133,400 for single-family homes and 18 percent to $84,000 for condominiums.

Average sales prices, which have increased consistently over the last few months, fell in September for both single-family homes and condominiums. According to the SEFMLS, the average sales price of properties that sold in Miami-Dade County in September decreased 16 percent from the previous year to $269,758 for single-family homes and decreased 22.4 percent to $188,640 for condominiums.

Short sales and foreclosures are continuing to have an impact on median and average sales prices for both single-family homes and condominiums especially in some areas of the county.

Days on the Market and Inventory Levels Continue to Drop
The inventory of residential listings in Miami-Dade County dropped 6 percent from 25,679 to 24,848 since October 2009, according to the SEFMLS. Compared to last month, the total inventory of homes dropped three percent in only one month. Compared to September 2009, the average days a property stays on the market decreased 24.2 percent to 89 for single-family homes and 18.8 percent to 103 for condominiums.

Nationally, total housing inventory at the end of September fell 1.9 percent from the previous month.

“Overall the Miami market, which is fueled by the strong impact of international buyers, continues to exceed expectations,” 2010 MIAMI Association of REALTORS Residential President Oliver Ruiz. “We are encouraged by the great demand that exists from buyers
representing worldwide markets, including Italy, France, Venezuela, Mexico, Colombia, Argentina, and other places in Latin America. The effect of these buyers cannot always be measured by SEFMLS statistics because foreign buyers tend to prefer new construction, which is
not typically transacted through multiple listing services.”

About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year 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 23,000 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.

Note: The MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service are the sources for statistics reported by the National Association of Realtors and Florida Realtors. MIAMI reports average sales price as well as median sales price.

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