Since a federal tax break expired June 30, home sales have fallen 20.9 percent in Phoenix, 32.5 percent in Las Vegas, 19.9 percent in San Diego, and even 25 percent in Austin's recession-resistant housing market.
But in Miami-Dade, which continues to battle massive amounts of foreclosures, a bloated inventory of homes and high unemployment, sales have outperformed the national market for the past two months, ignoring the post-tax credit hangover. Since June, Miami-Dade combined sales are flat, according to data from the Florida Association of Realtors.
Miami-Dade's numbers stack up well next to national numbers, an indication that falling prices and international interest in South Florida real estate are sustaining sales.
Nationally, August sales rose slightly from July's 15-year lows, but were still down 19 percent year-over-year and 22.5 percent since June, the National Association of Realtors said.
The federal homebuyer's tax credit expired in April, so most markets saw a bump in sales in May and June, as buyers closed sales before the program's original June 30 deadline.
Miami-Dade sales of existing homes, condos and townhouses increased 31.3 percent in August compared to the same month of 2009, figures released Thursday show.
The picture is not as pretty in Broward County, where year-over-year existing sales slumped 11.6 percent in August for all home types, and sales have slipped 18.7 percent since June.
Comparing South Florida to some of the headline markets in the most troubled states -- Nevada, California and Arizona -- gives a more nuanced picture of the factors that have distinguished the Miami area from the rest of the country.
``Miami hit its peak in the fourth quarter of 2005, the other markets didn't hit their peaks until the fourth quarter of 2007,'' said Peter Zalewski, a principal at Bal Harbour-based consultancy Condo Vultures.
``In Miami, the prices have been cut since 2009. If you go to Southern California, you're not going to see those price cuts yet.''
As home prices rise nationally, South Florida continues to see its prices slashed, fueling the appetite of bargain-hungry international buyers and local investors.
In August, condo prices fell 28 percent to $104,800 in Miami-Dade, and single-family home prices fell 6 percent to $182,900. In a lending environment where many struggle to obtain loans for the discounted properties, cash-wielding investors have ramped up their activity, propping up sales.
Source: http://www.miamiherald.com/2010/09/24/v-fullstory/1839897/active-miami-dade-home-sale-market.html
By TOLUSE OLORUNNIPA
tolorunnipa@MiamiHerald.com
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
Showing posts with label sales rise. Show all posts
Showing posts with label sales rise. Show all posts
Friday, September 24, 2010
Thursday, September 23, 2010
Miami Existing Condominium Sales Spike 50 Percent, Single-Family Home Sales also Rise in August
The Miami real estate market continues to strengthen as a result of increased sales and stabilizing home prices. In the Miami Metropolitan Statistical Area (MSA), there was a 59 percent increase in condominium sales in August compared to August 2009 and a 77 percent increase compared to two years ago, according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
The sales of existing single-family homes in the Miami MSA increased 12 percent in August compared to August 2009 and were 36 percent higher than they were in August 2008. The Miami real estate market experienced rising residential sales since August 2008, posting increases for 23 consecutive months. After dipping slightly last month, single-family home sales are again reflecting healthy gains, while condominium sales continue to increase significantly.
“We are encouraged by the fact that the sales of both single-family homes and condominiums are increasing,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of REALTORS. “Home prices continue to stabilize, but the substantial presence of distressed properties in our market is contributing to fluctuations in median sales price levels. Still, the evident demand for South Florida real estate is definitely a positive sign.”
Statewide sales increased 22 percent for condominiums and one percent for single-family homes.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 7.6 percent from July, but remain 19 percent below August 2009, according to the National Association of Realtors (NAR).
Home Prices
After posting increases in the last few months, the median sales price of single-family homes in the Miami MSA fell slightly in August.
The median sales price for single-family homes in the Miami MSA in August decreased six percent to $182,900 compared to a year ago. The median sales price for condominiums in August was $104,800, down 28 percent from a year ago. Statewide median sales prices decreased nine percent to $134,000 for single-family homes and 24 percent to $81,600 for condominiums.
Average sales prices, which have increased consistently over the last few months, rose again in August for single-family homes but dropped for condominiums. According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in August increased 9 percent from the previous year to $290,990 for single-family homes and decreased 35.3 percent to $174,470 for condominiums.
Days on the Market and Inventory Levels Decrease
The inventory of residential listings in Miami-Dade County according to the SEFMLS has dropped 5 percent from 27,255 to 25,679 since August 2009. The levels of active single-family home listings and of condominiums have both dropped six percent from a year ago. Compared to last month, the total inventory of homes increased a negligible .08 percent. The average days a property stays on the market decreased 16.7 percent to 92 for single-family homes and 19.3 percent to 103 for condominiums.
Nationally, total housing inventory at the end of August slipped .6 percent from the previous month.
New International Study Confirms Miami’s Global Prominence
Florida is by far the top state in the U.S. for international buying activity, and South Florida consistently ranks as a top market for foreign buyers within the state. Due to the local market’s global prominence, the MIAMI Association of REALTORS partnered with NAR to conduct a study that reveals information about foreign buyers in the Miami area.
“This report communicates key findings about the crucial international buyer that fueled the local market’s recovery and is now playing an important role as the marketplace strengthens,” said 2010 MIAMI Association of REALTORS Residential President Oliver Ruiz. “We continue to see strong demand from international buyers in all price points, including the high-end market. These buyers are willing to outbid competing offers and are 89 percent cash, a factor that automatically expedites their transactions.”
Source: http://www.prweb.com/releases/miami_real_estate/single-family_home_sales/prweb4559224.htm
The sales of existing single-family homes in the Miami MSA increased 12 percent in August compared to August 2009 and were 36 percent higher than they were in August 2008. The Miami real estate market experienced rising residential sales since August 2008, posting increases for 23 consecutive months. After dipping slightly last month, single-family home sales are again reflecting healthy gains, while condominium sales continue to increase significantly.
“We are encouraged by the fact that the sales of both single-family homes and condominiums are increasing,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of REALTORS. “Home prices continue to stabilize, but the substantial presence of distressed properties in our market is contributing to fluctuations in median sales price levels. Still, the evident demand for South Florida real estate is definitely a positive sign.”
Statewide sales increased 22 percent for condominiums and one percent for single-family homes.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 7.6 percent from July, but remain 19 percent below August 2009, according to the National Association of Realtors (NAR).
Home Prices
After posting increases in the last few months, the median sales price of single-family homes in the Miami MSA fell slightly in August.
The median sales price for single-family homes in the Miami MSA in August decreased six percent to $182,900 compared to a year ago. The median sales price for condominiums in August was $104,800, down 28 percent from a year ago. Statewide median sales prices decreased nine percent to $134,000 for single-family homes and 24 percent to $81,600 for condominiums.
Average sales prices, which have increased consistently over the last few months, rose again in August for single-family homes but dropped for condominiums. According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in August increased 9 percent from the previous year to $290,990 for single-family homes and decreased 35.3 percent to $174,470 for condominiums.
Days on the Market and Inventory Levels Decrease
The inventory of residential listings in Miami-Dade County according to the SEFMLS has dropped 5 percent from 27,255 to 25,679 since August 2009. The levels of active single-family home listings and of condominiums have both dropped six percent from a year ago. Compared to last month, the total inventory of homes increased a negligible .08 percent. The average days a property stays on the market decreased 16.7 percent to 92 for single-family homes and 19.3 percent to 103 for condominiums.
Nationally, total housing inventory at the end of August slipped .6 percent from the previous month.
New International Study Confirms Miami’s Global Prominence
Florida is by far the top state in the U.S. for international buying activity, and South Florida consistently ranks as a top market for foreign buyers within the state. Due to the local market’s global prominence, the MIAMI Association of REALTORS partnered with NAR to conduct a study that reveals information about foreign buyers in the Miami area.
“This report communicates key findings about the crucial international buyer that fueled the local market’s recovery and is now playing an important role as the marketplace strengthens,” said 2010 MIAMI Association of REALTORS Residential President Oliver Ruiz. “We continue to see strong demand from international buyers in all price points, including the high-end market. These buyers are willing to outbid competing offers and are 89 percent cash, a factor that automatically expedites their transactions.”
Source: http://www.prweb.com/releases/miami_real_estate/single-family_home_sales/prweb4559224.htm
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