Miami Existing Home Sales Increase 53 Percent Year-End 2009

Homebuyer Tax Credit Deadline Nears

Miami, FL – In the Miami metropolitan statistical area (MSA), there was a 53 percent increase of existing single-family home sales year-end 2009 compared to 2008.  This represents the highest year-end increase for single-family homes of any major metro market in Florida and is 20 percent higher than the statewide increase of 31 percent.  The sales of existing condominiums in the Miami MSA also increased 50 percent year-end 2009 compared to 2008. 

The 2009 average monthly increase of single-family home and condominium sales in the Miami MSA is 56 percent and 52.8 percent respectively. 

The Miami real estate market has experienced a surge in sales each of the last 17 months compared to same periods the previous year, and 2009 marked the first full year of monthly increases of home sales. 

In the Miami MSA, there was a 45 percent increase of existing single-family home sales December 2009 compared to December 2008.  This also was the highest December 2009 increase for single-family homes of any major metro market in Florida.  Statewide single-family sales increased 33 percent.  The sales of existing condominiums in the Miami MSA increased 68 percent December 2009 compared to the same period the previous year.  

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops fell 16.7 percent from the previous month and 4.74 percent from December 2008.  

“A 17-month period of sales increases, a significant leveling off of prices, and a consistently declining inventory of homes are all strong signs that the South Florida real estate market has stabilized and is improving,” said Terri Bersach, 2010 Chairman of the Realtor Association of Greater Miami and the Beaches.  

Average Sales Prices Increasing

The median sales price for single-family homes reported in Miami-Dade in December 2009 was $204,300, down a negligible 5 percent from the previous year but up XX from the previous month. The median sales price for condominiums was $148,200, down only 16 percent from the previous year but an xx percent increase from the previous month. 

The median sales price for single-family homes reported in Miami-Dade year-end 2009 was $195,300, down 29 percent. The median sales price for condominiums was $142,500, down 40 percent from the previous year.  

According to the Southeast Florida Multiple Listing Service, the average sales price for residential properties that sold in Miami-Dade County in December was $323,308 for single-family homes and $248,107 for condominiums, decreases of 1.5 percent and 7.4 percent respectively compared to the previous year. 

“The recently expanded and extended homebuyer credit is expected to further boost home sales, especially because now some existing homeowners are also eligible in addition to the first-time buyers credit of up to $8,000,” said Oliver Ruiz, RAMB 2010 Residential President.  “Current homeowners are now eligible for a $6,500 tax credit through April 30, provided they have lived in their principal residence for five consecutive years in the past eight years.” 

Days on the Market and Inventory Levels 

Inventory levels continue to decrease substantially, another indicator that supports the local market’s recovery.  

The inventory of listings in Miami-Dade County according to the Southeast Florida Multiple Listing Service has dropped more than 42 percent in the last 17 months - from 43,095 to 25,021 – and December 2009 brought a 2.0 percent decrease in just one month.    Nationally, total housing inventory at the end of December declined 6.6 percent from the previous month. 

About RAMB

The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 90^th year 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 12,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage.  RAMB’s official Web site is www.miamire.com.