Miami Real Estate Sales Statistics - Nov 2010
Once again the mortgage interest deduction (MID) is under attack as the Deficit Reduction Commission has recommended modification of this deduction. The tax deductibility of interest paid on mortgages is a powerful incentive for home ownership and has been one of the simplest provisions in the federal tax code for more than 80 years. In a new survey commissioned by the National Association of Realtors and conducted online in October 2010 by Harris Interactive of nearly 3,000 homeowners and renters, nearly three-fourths of homeowners and two-thirds of renters said the mortgage interest deduction was extremely or very important to them.
Recent progress has been made in bringing stability to the housing market and any changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15 percent. This would negatively impact home ownership for millions of Americans, including those who own their homes outright and have no mortgage. Any further downward pressure on home prices will hamper the economic recovery, raise foreclosures and hurt banks’ abilities to lend and likely tip the economy into another recession resulting in further job losses for the country. It will effectively close the door on the American dream.
The National Association of Realtors urges you to please make a quick call to your senator's office today to ask him or her to defend the MID from any cuts or reduction as outlined in the Deficit Commission Report released last week.
Now, let’s take a look at November home sales in South Florida.
Single Family Homes Sales in Miami
The Miami market is representative of the South Florida market as a whole when comparing November 2010 to November 2009.
The average sales price increased in the South Florida single family home market by 12.3 percent to $212,439 and the year to date average increased by 4.9 percent to $219,577. The number of single family homes sold in November 2010 decreased by 24.7 percent compared to November 2009. The number of new listings decreased by 6.6 percent when compared to 2009.
|
Date |
New Listings |
Sold Listings |
AverageSales Price |
Y-to-D Average |
|
Nov 2010 |
969 |
385 |
$212,439 |
$219,577 |
|
Nov 2009 |
1,037 |
511 |
$189,144 |
$209,290 |
Condo/Coop/Townhouse/Villa Sales in Miami
In November 2010 the condo/townhouses etc. market in Miami showed an increase in sales with sold listings up by 16.3 percent compared to November 2009. The number of new listings decreased by 6.2 percent in November 2010. The average sales price decreased by 15.6 percent to $134,492 and the year to date average decreased by 8.2 percent to $154.125.
|
Date |
New Listings |
Sold Listings |
Average Sales Price |
Y-to-D Average |
|
Nov 2010 |
1,149 |
456 |
$134,492 |
$154,125 |
|
Nov 2009 |
1,225 |
429 |
$159,289 |
|
If you want to learn more about South Florida real estate, please contact us at 888-SFL-TEAM or visit HomeInSouthFlorida.com.
To begin searching for South Florida homes, please use our complimentary MLS search.
Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.
