Miami Existing Home Sales Increase for 15 Consecutive Months

Local Market Areas Post Price Increases

 Miami, FL – In the Miami metropolitan statistical area (MSA), there was a 26 percent increase of existing single-family home sales in October 2009 compared to October 2008.  The sales of existing condominiums in the Miami MSA increased a significant 47 percent compared to the same period last year.  The year-to-date (January to October 2009) average monthly increase of single-family home and condominium sales in the Miami MSA is 60.7 percent and 46.7 percent respectively.

The Miami real estate market has experienced a surge in sales each of the last 15 months compared to same periods the previous year.  Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 9.4 percent. 

"We continue to experience increased sales and activity in the South Florida real estate market, which means the local real estate market has recovered and continues to improve even over already increasing sales in late 2008," said Rick Burch, 2009 Chairman of the Realtor Association of Greater Miami and the Beaches.  "We are also beginning to see increased prices in various South Florida market areas."

Average Sales Prices Increase in Local Market Areas

The recovery of local median and average sales prices in the local real estate market is area- and building-specific. 

To follow are some sample market areas in Miami-Dade County already showing increased average sales prices compared to October 2008:

To follow are some sample market areas in Miami-Dade County already showing increased average sales prices compared to Year-to-Date 2008:

The median sales price for single-family homes reported in Miami-Dade in October 2009 was $178,500, a 28 percent drop from the previous year. The median sales price for condominiums was $138,400, a 30 percent decrease from October 2008.

Statewide, median sales prices dropped 45 percent to $140,300 for single-family homes and 29 percent to $105,200 for condominiums. 

According to the Southeast Florida Multiple Listing Service, the average sales price for residential properties that sold in Miami-Dade County in October was $286,692 for single-family homes and $237,168 for condominiums, decreases of 26.3 percent and 34.7 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 39.4 percent in the last 14 months - from 43,095 to 26,134 – and October 2009 brought a 1.3 percent decrease in just one month.    Nationally, total housing inventory at the end of September fell 7.5 percent from the previous month. 

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 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 89^th 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.