In the Miami Metropolitan Statistical Area (MSA), sales of homes – including existing single-family homes and condominiums – increased 21 percent in the third quarter of 2010 compared to the third quarter of 2009 and 73 percent compared to the third quarter of 2008. This rise marks nine consecutive quarters of increasing sales according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service.
Miami sales of existing single-family homes decreased one percent in the third quarter of 2010 compared to a year earlier but were up 43 percent from two years ago. The sales of existing condominiums in Miami surged 43 percent compared to the third quarter of 2009 and 105 percent from the third quarter in 2008. Statewide sales of single-family homes decreased seven percent while sales of condominiums increased 15 percent.
“These figures reflect the stabilization of the single-family home market in South Florida and the overall demand that exists for local properties,” says Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of REALTORS. “Local sales are now at near normal levels, and we expect the local market to continue to strengthen.”
Median Sales Prices
The median sales price for single-family homes in Miami-Dade in the third quarter of 2010 was $191,100. The median sales price for condominiums was $104,600. Statewide, median sales prices dropped seven percent to $135,200 for single-family homes and 21 percent to $84,000 for condominiums.
Total housing inventory in Miami-Dade County has decreased seven percent from a year ago and four percent from the previous quarter.
“We are encouraged by the performance of the local market in the third quarter,” says Oliver Ruiz, MIAMI Association of REALTORS Residential President. “Inventory levels are again declining while there continues to be strong demand from international and U.S. buyers. Single-family home prices have also stabilized and are rising in many areas. Once the excess of the distressed properties is eliminated from the market, condominium median sales prices especially should begin to experience appreciation.”