Miami FL Real Estate Sales Statistics - Nov 2009
Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.
Let’s take a look at the Miami real estate sales statistics for November compared to November 2008 to see how the market is looking in South Florida:
Miami FL Real Estate Sales Statistics - Single Family Hmes
The Miami market is representative of the South Florida market as a whole when comparing November 2009 to November 2008.
The number of single family homes sold in 2009 increased by 17.9 percent compared to 2008. The number of new homes on the market decreased by 27.4 percent. The average sales price declined by 20.5 percent to $218,252, while the year-to-date average sales price declined 33.4 percent to $205,796.
|
Date |
New |
Sold |
Average |
Y-to-D |
|
Nov 2009 |
854 |
396 |
$218,252 |
$205,796 |
|
Nov 2008 |
1,177 |
336 |
$274,615 |
$308,862 |
Miami FL Real Estate Sales Statistics - Condo/Coop/Townhouse/Villa
November 2009 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 44.3 percent compared to 2008. New listings decreased by 5.7 percent. The average sales price increased 8.2 percent to $211,717 and the year-to-date sales price dropped 36.6 percent to $172,312.
|
Date |
New |
Sold |
Average |
Y-to-D |
|
Nov 2009 |
976 |
339 |
$211,717 |
$172,312 |
|
Nov 2008 |
1,035 |
235 |
$195,700 |
$270,326 |
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Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.
