Miami-Dade Pending Single-Family Home Sales Increase 7.5 Percent in One Month
Miami, FL – Total pending home sales – including single-family and condominiums – in Miami-Dade
County increased 6.4 percent in March, from 9,164 to 9,751, compared to the previous month and 71.7
percent compared to March 2009. In addition to international buyers taking advantage of favorable
exchange rates and local market opportunities, first-time and existing buyers are benefiting from recordsetting
affordability conditions, the expanded and extended home buyer tax credit, and a wide selection of
properties to choose from according to the Realtor Association of Greater Miami and the Beaches (RAMB)
and the Southeast Florida Multiple Listing Service. The increase of pending sales coupled with rising closed
sales each of the last 19 months is indicative of a strengthening market.
Pending sales of single-family homes in Miami-Dade County performed better than that of condominiums in
March, up 7.5 percent from the previous month, from 4,042 to 4,345. Pending condominium sales in March
rose 5.5 percent from 5,122 to 5,406. In the last year, Miami-Dade pending sales of condominiums
increased 81.5 percent, while pending sales of single-family homes rose 47.7 percent.
“We continue to see a surge in pending home sales in South Florida,” said Terri Bersach, RAMB Chairman
of the Board. “This is good news for the South Florida market as it points to increased future sales and
necessary inventory absorption and emphasizes the fact that the local market has recovered. As a result
prices have clearly stabilized, so we now have the missing piece of the puzzle for a strengthening market.”
Broward County Pending Sales
In Broward County pending home sales increased 4.9 percent, from 7,791 to 8,173 in March. Pending sales
of condominiums in rose 4.1 percent from 4,343 to 4,522. Pending sales of single-family homes rose 5.9
percent in March compared to the previous month, from 3,448 to 3,651.
In the last year, Broward pending sales of single-family homes rose 44.4 percent, while pending sales of
condominiums increased 97.1 percent. The total number of pending sales increased 69.5 percent.
Price Stabilization as April 30th Tax Credit Deadline Nears
As real estate prices stabilize, the types of discounts buyers had grown accustomed to during the market
recovery may soon be a thing of the past.
“Buyers interested in taking advantage of favorable market conditions need to act now,” said Oliver Ruiz,
RAMB Residential President. “There are now less than 25 days left for buyers to enter into contracts and
take advantage of the current tax credit. The market is a lot more competitive now and is resulting in bidding
wars reminiscent of the recent real estate boom. Buyers who may be thinking about buying should not waste
time because they will be competing with more buyers bidding on the same listings.”
The deadline for buyers to enter into contracts and still qualify for the tax credit is April 30, 2010. Buyers
who enter into contracts by the deadline will have an additional 60 days to close.
A sale is listed as pending when the contract has been signed but the transaction has not closed, though the
sale usually is finalized within one or two months of signing. Increased pending sales are an indication of
increased future sales.
“Copyright RAMB, Reprinted with permission.”
Miami Existing Condominium Sales Spike 35 Percent
Prices Continue to Stabilize
Miami, FL – In the Miami metropolitan statistical area (MSA), there was a 35 percent
increase of condominium sales in February 2010 compared to the same month the
previous year and a 130 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 9 percent in February 2010 compared to February 2009 and
increased 80 percent compared to February 2008. The Miami real estate market has
experienced a surge in sales since August 2008, posting increases each of the last 19
months
Nationally, sales of existing single-family homes, townhomes, condominiums, and coops
dropped 0.6 percent from the previous month but increased 7.0 percent from
February 2009.
The median sales price for single-family homes reported in Miami-Dade in February
2010 was $191,900, down only 2 percent from the previous year. The median sales price
for condominiums was $126,100, down only 14 percent from the previous year.
Average Home Sales Price Increases
According to the SEFMLS, the average sales price for residential properties that sold in
Miami-Dade County in February actually increased 12.9 percent to $282,136 for single family
homes and decreased 10.9 percent to $212,038 for condominiums.
“The fact that the drops in home prices are now negligible is excellent news for the South
Florida real estate market,” said Terri Bersach, 2010 Chairman of the Realtor Association
of Greater Miami and the Beaches. “We knew that it would take some time for prices to
catch up with increasing sales, but now that appears to have happened and should result
in further strengthening of the market.”
Tax Credit Deadline – April 30th
To qualify for the current home buyer 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 credits and other market fundamentals have helped the market recover,” said
Oliver Ruiz, RAMB 2010 Residential President. “But those interested in purchasing
need to make sure they are in a contract by April 30th to avoid missing out on the tax
credits for first-time buyers and some existing homeowners.”
Days on the Market and Inventory Levels
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 Southeast Florida Multiple Listing Service has dropped 42.5 percent in
the last 19 months – from 43,095 to 24,792 – and February 2010 brought a .51 percent
decrease in just one month. Nationally, total housing inventory at the end of February
rose 9.5 percent from the previous month.
“Copyright RAMB, Reprinted with permission.”
SOME POSITIVE ARTICLES ABOUT THE MIAMI REAL ESTATE FROM MAJOR LOCAL NEWSPAPERS:
