Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®.
Let’s take a look at the Miami sales statistics for April compared to April 2008 to see how the South Florida real estate market is looking:
Single Family Homes Sales in Miami
The Miami market is representative of the South Florida market as a whole when comparing April 2009 to April 2008. The number of single family homes sold in 2009 increased by 72.3 percent compared to 2008. The number of new homes on the market decreased by 47.6 percent.
The average sales price declined by 49 percent to $204,305, while the year-to-date average sales price declined 40.6 percent to $213,062.
|
Date
|
New
Listings
|
Sold
Listings
|
Average
Sales Price
|
Y-to-D
Average Price
|
|
April 2009
|
999
|
448
|
$204,305
|
$213,062
|
|
April 2008
|
1,906
|
206
|
$400,347
|
$358,837
|
Condo/Coop/Townhouse/Villa Sales in Miami
April 2009 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 60 percent compared to 2008. New listings decreased by 38.5 percent. The average sales price dropped 47.7 percent to $163,107 and the year-to-date sales price dropped 45.6 percent to $175,480.
|
Date
|
New
Listings
|
Sold
Listings
|
Average
Sales Price
|
Y-to-D
Average Price
|
|
April 2009
|
1,053
|
313
|
$163,107
|
$175,480
|
|
April 2008
|
1,711
|
195
|
$311,807
|
$322,422
|
Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.
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The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7.
Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”
South Florida Real Estate Sales Statistics