Home Prices across Miami-Dade County Stabilize as Sales Continue to Increase

Miami, FL – In the Miami metropolitan statistical area (MSA), there was a 7 percent increase of existing single-family home sales in January 2010 compared to January 2009 and 60 percent compared to January 2008, according to the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service (SEFMLS). The sales of existing condominiums in the Miami MSA increased 42 percent in January 2010 compared to the same month the previous year. The Miami real estate market has experienced a surge in sales since August 2008, posting increases each of the last 18 months.

“Home sales in the Miami-Dade County area continue to increase year-over-year while prices stabilize significantly, a clear indication that the local market has rebounded and is strengthening,” said Terri Bersach, 2010 Chairman of the Realtor Association of Greater Miami and the Beaches.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops dropped 7.2 percent from the previous month but increased 11.5 percent from January 2009.

The median sales price for single-family homes reported in Miami-Dade in January 2009 was $183,400, down 12 percent from the previous year. The median sales price for condominiums was $141,700, down only 5 percent from the previous year.

Average Sales Prices Increasing

According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in January actually increased 21.3 percent to $309,773 for single-family homes and decreased 16.7 percent to $223,746 for condominiums.

“These current statistics are very positive news for the South Florida real estate market,” said Oliver Ruiz, RAMB 2010 Residential President. “As the top area in the country for foreign real estate buying activity, Miami is expected to outperform other markets throughout the U.S. International buyers in addition to those taking advantage of the current tax credits continue to play a key role in the improvement of the local market.”

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 18 months - from 43,095 to 24,918 – and January 2009 brought a .04 percent decrease in just one month. Nationally, total housing inventory at the end of December declined 0.5 percent from the previous month.