Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.
Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”
Let’s take a look at the Miami real estate sales statistics for December compared to December 2008 to see how the market is looking in South Florida:
Single Family Homes Sales in Miami
The Miami market is representative of the South Florida market as a whole when comparing December 2009 to December 2008.
The number of single family homes sold in 2009 decreased by 4.3 percent compared to 2008. The number of new homes on the market decreased by 30.2 percent. The average sales price declined by 3.9 percent to $235,041, while the year-to-date average sales price declined 29.7 percent to $211,707.
|
Date
|
New
Listings
|
Sold
Listings
|
Average
Sales Price
|
Y-to-D
Average Price
|
|
Dec 2009
|
819
|
427
|
$235,041
|
$211,707
|
|
Dec 2008
|
1,174
|
446
|
$244,562
|
$301,153
|
Condo/Coop/Townhouse/Villa Sales in Miami
December 2009 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 48.7 percent compared to 2008. New listings decreased by 7.8 percent. The average sales price decreased by 5.3 percent to $176,281 and the year-to-date sales price dropped 32.7 percent to $175.041.
|
Date
|
New
Listings
|
Sold
Listings
|
Average
Sales Price
|
Y-to-D
Average Price
|
|
Dec 2009
|
999
|
473
|
$176,281
|
$175,041
|
|
Dec 2008
|
1,083
|
341
|
$186,214
|
$260,016
|
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Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.