Miami Condo Sales Explode 134% Year-over-Year in January, Home Sales Up 55%

Miami Condo Sales Explode 134% Year-over-Year in January, Home Sales Up 55%

Residential News » Residential Real Estate Edition | By Michael Gerrity | February 23, 2011 2:43 PM ET

(MIAMI, FL) -- According to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS), sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA) increased 134 percent, from 540 to 1,262, compared to January 2010 and 233 percent compared to January 2009.

Sales of existing single-family homes rose 55 percent in January, from 436 to 676, compared to January 2010 and 66 percent compared to January 2009.

Statewide sales increased 36 percent to 6,681 for condominiums and 14 percent for single-family homes to 12,151.   Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 2.7 percent from December but were 2.3 percent above January 2010, according to the National Association of Realtors (NAR).

"These significant increases in sales for both single-family homes and condominiums reflect the strength of the Miami real estate market," said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors.  "The Miami market continues to outperform the rest of the nation mostly due to the strong impact of international buyers and record affordability."

Median and Average Sales Price

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.

The median sales price of single-family homes in January decreased 18 percent to $150,800 from a year earlier.  The median sales price of condominiums dropped 36 percent to $91,200.

Statewide median sales prices decreased 18 percent to $79,400 for condominiums and 7 percent to $122,200 for single-family homes.  The national median existing-home price for all housing types was $158,800 in January, a 3.7 percent drop from January 2010.

The average sales price for total single-family homes in Miami-Dade County decreased 13 percent, from $281,299 in January 2010 to $244,619 in January 2011.  The average sales prices for condominiums dropped 22.9 percent, from $ 220,515 to $169,959.

"While home sales prices continue to be impacted by distressed properties, we are seeing improvements in many areas and buildings," said 2011 Miami Association of Realtors Residential President Ralph E. De Martino.  "Increased demand particularly from international buyers for local real estate should help boost home prices and continue to absorb total housing inventory."

Inventory Levels Continue to Drop

The inventory of residential listings in Miami-Dade County dropped 14 percent from to 25,021 in January 2011, according to the SEFMLS. Compared to last month, the total inventory of homes dropped seven percent from 23,116.   Total housing inventory nationally fell 5.1 percent at the end of January.

Days on the Market

In Miami-Dade County, the total number of days a property stays on the market dropped 12 percent to 95 days for single-family homes and 20 percent to 104 days for condominiums compared to a year ago.


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