Miami sales of single-family homes rose 68 percent in February 2009 compared to February 2008. The sales of condominiums increased by 71 percent compared to the same period last year. The number of sales in Miami has increased significantly each of the last seven months, a trend that points to the recovery of the real estate market in South Florida.
In Miami there was a 70 percent increase in existing-homes sales, including single-family, townhomes and condominiums,in February 2009 compared to February 2008, while nationally existing-home sales only rose 5.7 percent. Sales of existing homes in several Florida markets declined in February.
“The increase in sales in the Miami market over the last seven months shows a clear strong upward trend indicative of a market recovery,” says Rick Burch, 2009 Chairman of the Realtor Association of Greater Miami and the Beaches.
The sales of single-family homes have shown gains every month since August 2008. Condominium sales increased in June and have increased every six out of the last seven months. The number of days a property stays on the market and inventory levels have also decreased substantially, other strongly positive market indicators. In August 2008, the total number of listings on the market was 43,058. By February 2009, that number had dropped to 36,061. Just three weeks later inventory levels had again decreased to 35,562.
“We expect sales to continue to rise in the coming months, and once distressed properties are not a major force, prices will begin to rebound to normal levels,” says Burch. “Additionally, new construction projects have been halted locally, allowing excess inventory to be absorbed, which should positively impact home prices.”
Mainly due to an increased number of foreclosures and short sales, median sales prices continue to drop. The median sales price for single-family homes reported in Miami in February 2009 was $195,500, a 36 percent drop from January 2008. The median sales price for condominiums was $146,100, a 50 percent decrease from January 2008.
The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 89th Anniversary 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 13,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. RAMB’s official Web site is www.miamire.com.