The sales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) increased 49 percent to 679 compared to November 2009 and 86 percent higher than they were in November 2008 according to the MIAMI Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS). Sales of condominiums increased 98 percent to 1,039 compared to November 2009 and 237 percent compared to November 2008.“Rising sales for both condominiums and single-family homes reflect the demand for Miami,” says Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of Realtors. “While many buyers are taking advantage of the opportunities the current market offers, we believe there is still pent-up demand, which should result in further market strengthening in the future.”
The Miami real estate market experienced rising residential sales since August 2008, posting increases for 23 consecutive months. Statewide sales increased 11 percent to 5,411 for condominiums and decreased 15 percent for single-family homes to 11,900. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 5.6 percent from October but are 27.9 percent below November 2009, according to the National Association of Realtors (NAR).
Short sales and foreclosures continue to have an impact on median and average sales prices for both single-family homes and condominiums especially in some areas of the county.
Median Sales Price
In the Miami MSA, the median sales price of single-family homes in November decreased seven percent to $171,500 from a year earlier. The median sales price of condominiums dropped 29 percent to $105,600.
Statewide median sales prices decreased 16 percent to $88,200 for condominiums and five percent to $132,700 for single-family homes.
Inventory Levels Continue to Drop
The inventory of residential listings in Miami-Dade County dropped 4.5 percent from 25,415 to 24,278 since December 2009, according to the SEFMLS. Compared to last month, the total inventory of homes dropped .05 percent.
Nationally, total housing inventory at the end of November fell four percent from the previous month.
“Miami consistently ranks as a top market for international buyers, fueling market strengthening,” says 2010 MIAMI Association of Realtors Residential President Oliver Ruiz. “In the current market and economic environment especially, buyers from a wide variety of international markets continue to take advantage of affordability, favorable exchange rates, and an exciting lifestyle in a world-class environment.”