Miami Condos Search website

Miami Home, Condo Sales Spike 71% Year-over-Year in Q1
Posted by Michael Gerrity 05/10/11 12:33 PM EST

(MIAMI, FL) --  According to the Miami Association of Realtors, Miami metropolitan statistical area (MSA) residential home sales (existing single-family homes and condominiums) increased 71 percent in the first quarter of 2011, from 3,450 a year ago to 5,910, and 26 percent from the previous quarter.  This rise marks 11 consecutive quarters, since the third quarter of 2008 of increasing sales.
Miami sales of existing single-family homes increased 47 percent in the first quarter compared to a year earlier.  The sales of existing condominiums in Miami spiked 91 percent compared to the first quarter of 2010.  Statewide sales of single-family homes increased 13 percent while that of condominiums increased 29 percent.
"First quarter figures indicate sales this year should surpass levels in 2005, which was the height of the real estate boom," said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors.  "The Miami real estate market has generated much excitement and positivism in this strong first quarter, as international and domestic buyers continue to be attracted to our global city and the lifestyle and benefits it offers."

Median Sales Prices
The median sales price for single-family homes in Miami-Dade dropped 20 percent to $153,600 in the first quarter.  The median sales price for condominiums dropped 31 percent to $94,200.  Statewide, median sales prices dropped six percent to $123,600 for single-family homes and 16 percent to $80,700 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.
"Almost 50 percent of closed sales in the first quarter were bank-owned, said Miami Association of Realtors Residential President Ralph E. De Martino.  "These bank-owned properties are selling almost as quickly as they come on the market.  Currently, there is only a 20- and 30-day supply of bank-owned condominiums and single-family homes respectively in Miami-Dade County.  These rapid rates of absorption reflect the demand that exists for local properties."

Real Estate Inventory Levels
Total housing inventory in Miami-Dade County has decreased 26 percent from a year ago and 22 percent from the previous quarter.
 

Florida’s existing home, condo sales rise in 1Q 2011
ORLANDO, Fla. – May 10, 2011  Miami Realtors.org
Miami Real Estate – Florida’s existing home and existing condo sales rose in first quarter 2011 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. Existing home sales increased 13 percent in 1Q 2011 with a total of 44,531 homes sold statewide; during the same period the year before, a total of 39,406 homes changed hands according to Florida Realtors. Statewide sales of existing condos in the first quarter rose 29 percent compared to the year-ago sales figure.
The statewide existing-home median sales price was $123,600 for the three-month period; in 1Q 2010, it was $131,100 for a decrease of 6 percent. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in 1Q 2011 compared to the same three-month-period a year earlier, while 18 of the MSAs showed gains in condo sales, according to Florida Realtors.

Looking at Florida’s housing sector in the first quarter of 2011, Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness, pointed out that the recovery is gaining strength. “Florida Realtors’ first quarter report shows sales picking up significant momentum after decelerating in the fourth quarter of last year, though prices are continuing to slip,” Snaith said. “The labor market recovery is just starting to blossom – once it is in full bloom it will provide some needed curb appeal for Florida’s struggling housing market by creating a new pool of qualified buyers and preventing other homeowners from falling victim to foreclosure.

“Distressed properties are proving to be an ongoing complication in the healing process of Florida’s housing market,” he added. “The foreclosure moratorium and Florida’s overburdened court system have slowed the process of handling foreclosures. Until these properties can move through this process, complete recovery will be difficult to attain.”

In the year-to-year quarterly comparison for existing condo sales, 23,375 units sold statewide in the first quarter compared to 18,170 units in 1Q 2010 for a 29 percent increase. The statewide existing-condo median sales price was $80,700 in 1Q 2011; a year earlier, it was $96,100 for a decrease of 16 percent. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.  

Low mortgage rates continued to be available during the first quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.85 percent in 1Q 2011; one year earlier, it averaged 5.0 percent.

Looking for Miami Florida Real Estate ?  Click Here