Miami Existing Home Sales Increase 14 Consecutive Months
Miami, FL – In the Miami metropolitan statistical area (MSA), there was a 51 percent increase of existing single-family home sales in September 2009 compared to September 2008. The sales of existing condominiums in the Miami MSA increased a significant 73 percent compared to the same period last year. The year-to-date (January to September 2009) average increase of single-family home and condominium sales in the Miami MSA is 65 percent and 47 percent respectively.
The Miami real estate market has experienced a surge in sales each of the last 14 months compared to same period previous year. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 9.4 percent.
"Miami continues to lead the real estate recovery and outperform the rest of the nation in increased sales for 2009," said Rick Burch, 2009 Chairman of the Realtor Association of Greater Miami and the Beaches. "Continuing reduction in inventory coupled with pent-up demand, market incentives, and reduced home prices indicate a strengthening market and positive outlook. International and first-time buyers represent approximately 60 percent of recent sales."
Median and Average Sales Prices
The median sales price for single-family homes reported in Miami-Dade in September 2009 was $190,900, a 30 percent drop from the previous year. The median sales price for condominiums was $132,900, a 37 percent decrease from September 2008 and an eight (8) percent drop from the previous month. Statewide, median sales prices dropped 19 percent to $142,000 for single-family homes and 33 percent to $102,500 for condominiums.
According to the Southeast Florida Multiple Listing Service, the average sales price for residential properties that sold in Miami-Dade County in September was $331,386 for single-family homes and $249,293 for condominiums, decreases of only 5.9 percent and 23 percent respectively according to previous year.
Days on the Market and Inventory Levels
The number of days a property stays on the market and inventory levels both continue to decrease substantially, other indicators that point to the local market recovery.
The inventory of listings in Miami-Dade County according to the Southeast Florida Multiple Listing Service has dropped more than 39 percent in the last 14 months - from 43,095 to 26,464 – and September 2009 brought a 3 percent decrease in just one month. Nationally, total housing inventory at the end of September fell 7.5 percent from the previous month.
###
About RAMB
The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 89th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of three organizations (the Residential Realtor Association of Greater Miami and the Beaches, the Realtors Commercial Alliance and the International Council of Greater Miami and the Beaches), RAMB represents over 12,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. RAMB’s official Web site is www.miamire.com.