Submitted By: Rick Burch
Miami, FL – In the Miami metropolitan statistical area (MSA), there was a 58 percent increase in condominium sales in March 2010 compared to the same month last year and a 151 percent increase compared to two years ago, according to the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service (SEFMLS). The sales of existing single-family homes in the Miami MSA increased 17 percent in March 2010 compared to March 2009 and increased 135 percent compared to March 2008. The Miami real estate market has experienced a surge in sales since August 2008, posting increases each of the last 20 months.
“Sales have not been as high as current figures since the recent real estate boom,” said Terri Bersach, 2010 Chairman of the Realtor Association of Greater Miami and the Beaches. “The performance of the South Florida real estate market indicates that there is pent-up demand, resulting from prospective buyers waiting for the right opportunities, and also that the local market has over-corrected.”
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 6.8 per cent from the previous month but increased 16.1 percent from March 2009.
Average Home Sales Price Increases
According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in March increased 19.2 percent to $339,736 for single-family homes and 6.0 percent to $252,877 for condominiums.
Miami Existing Condominium Sales Increase
The median sales price for single-family homes reported in Miami-Dade in March 2010 was
$197,500, down a negligible 4 percent from the previous year. The median sales price for condominiums was $138,800, down only 8 percent from the previous year.
Tax Credit Deadline – April 30th
Approximately one week remains for prospective buyers to take advantage of the tax credit. To qualify for the current homebuyer tax credit, consumers must enter into a contract by April 30, 2010. First-time buyers are eligible for up to an $8,000 tax credit, while some current homeowners are eligible for up to $6,500. Visit www.irs.gov and click on Form 5405 for more information.
“The tax credit coupled with record affordability has influenced many homebuyers in the current market, but current sales and stabilizing prices indicate that present sub-market buying conditions will not last,” said Oliver Ruiz, RAMB 2010 Residential President. “We strongly encourage prospective buyers to take advantage of this excellent opportunity while interest rates are still low, homes are affordable, and there is still a wide inventory of properties to choose from.”
Days on the Market and Inventory Levels Decrease
Inventory levels continue to decrease substantially, another indicator that supports the local market’s strengthening. The inventory of listings in Miami-Dade County according to the SEFMLS has dropped 43.1 percent in the last 20 months – from 43,095 to 24,507 – and March 2010 brought a 1.2 percent decrease in just one month. The average days a property stays on the market has decreased 6.9 percent for single-family homes and 4.5 percent for condominiums.
Nationally, total housing inventory at the end of February rose 1.5 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 90th 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.
