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Miami Existing Home Sales Rise, Home Prices Edge Up in 2Q

Miami Sunrise
Miami Sunrise

In the Miami Metropolitan Statistical Area (MSA), sales of homes – including existing single-family homes and condominiums – increased 27 percent in the second quarter of 2010 compared to the second quarter of 2009 and 53 percent compared to the second quarter of 2008. This rise marks eight consecutive quarters of increasing sales according to the MIAMI REALTORS. Sales of all residential property types have increased consistently since August 2008 in the Miami MSA.

Miami sales of existing single-family homes increased 10 percent in the second quarter of 2010 from a year earlier and 89 percent from two years ago. The sales of existing condominiums in Miami surged 45 percent, compared to the second quarter of 2009 and 99 from the second quarter in 2008. Statewide sales of single-family homes and condominiums increased 21 percent and 45 percent respectively.

“These quarterly figures reflect the fact that the South Florida real estate market continues to strengthen and stabilize,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI REALTORS. “Sales of condominiums have really taken off as buyers and investors take advantage of record affordability conditions. This will result in much needed inventory absorption, which will further enhance the local market’s performance.”

Median Sales Prices
Median sales prices of single-family homes increased slightly while condominiums decreased slightly in the second quarter of 2010, mainly due to the increased number of foreclosures and short sales. The median sales price for single-family homes reported in Miami-Dade in the second quarter of 2010 was $197,200, a one percent increase from the second quarter of 2009. The median sales price for condominiums was $128,100, an eight percent decrease from the previous year. Statewide, median sales prices dropped one percent to $141,300 for single-family homes and 10 percent to $98,900 for condominiums.

Inventory Levels
Total housing inventory in Miami-Dade County has decreased 10 percent from a year ago and increased 4.4 percent from the previous quarter. In Broward County, inventory has decreased 14 percent from a year ago and increased 3.3 percent from the previous quarter.

“Housing inventory continues to drop year-over-year, but we’re seeing the total inventory rise slightly month-to-month in the short-term,” said Oliver Ruiz, MIAMI REALTORS Residential President. “The good news is that we continue to experience rising sales and stabilizing prices. We expect the local market’s fortitude to be sustained long-term by international, vacation, and second home buyers in addition to other U.S. buyers who want to experience the enviable local lifestyle.”

MIAMI REALTORS
The MIAMI Association was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents 23,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.

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