In the Miami Metropolitan Statistical Area (MSA), sales of homes increased 29 percent in the fourth quarter of 2010, from 3,671 to 4,740, compared to a year earlier and 93 percent compared to the fourth quarter of 2008. This rise marks 10 consecutive quarters of increasing sales according to the MIAMI Association of Realtors and the Southeast Florida Multiple Listing Service.
City Skyline, Miami, Florida - Image by Radius Images/Corbis
Miami sales of existing single-family homes increased 19 percent in the fourth quarter compared to a year earlier and were up 57 percent from two years ago. The sales of existing condominiums in Miami jumped 38 percent compared to the fourth quarter of 2009 and 131 percent from the fourth quarter in 2008. Statewide sales of single-family homes decreased 10 percent while sales of condominiums increased six percent.
“The fourth quarter statistics reflect positive trends for the Miami housing market,” says Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of Realtors. “Sales continue to rise while inventory levels drop significantly, which indicates there is solid demand for local properties. The unusually harsh winter season experienced by most other states is benefitting South Florida, as we see increased interest from U.S. buyers looking for moderate weather and an exciting lifestyle. International buyers continue to take advantage of increased affordability enhanced by the weak U.S. dollar and world-class ambiance and amenities.”
Median Sales Prices
The median sales price for single-family homes in Miami-Dade in the fourth quarter of 2010 was $177,700, a six percent drop from a year earlier. The median sales price for condominiums was $103,500, a 29 percent drop. Statewide, median sales prices dropped five percent to $134,100 for single-family homes and 18 percent to $86,400 for condominiums.
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.
“As excessive distressed inventory is absorbed in Miami, we expect home prices to strengthen,” says MIAMI Association of REALTORS Residential President Ralph E. De Martino. “Sales prices and volume are increasing in various cities throughout Miami-Dade County.”
Inventory Levels
Total housing inventory in Miami-Dade County has decreased 11 percent from a year ago and 9.5 percent from the previous quarter.