“The American Recovery and Reinvestment Act is important for the U.S. economy and contains some important housing provisions. Eliminating the repayment provision in the $7,500 first-time home buyer tax credit will help bring buyers to the market and reduce housing inventory. NAR has been advocating that this provision be improved – the change will stimulate more than 200,000 additional home sales, which will help stabilize home values.
“Reinstating the higher loan limits for FHA, Fannie Mae and Freddie Mac for mortgages in high-cost areas is also important and will help reduce inventory and improve liquidity in the overall mortgage market. The allocation of resources for neighborhood stabilization efforts to help communities purchase and rehabilitate foreclosed and vacant properties is also very promising for the housing market. This funding will help protect communities across the country and preserve home values from further decline."
Let’s take a look at the real estate sales statistics for 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 January 2009 to January 2008. The number of single family homes sold in 2008 increased by 48.8 percent compared to 2007. The number of new homes on the market decreased by 39.4 percent. The average sales price declined by 37 percent to $213,017.
|
Date
|
New
Listings
|
Sold
Listings
|
Average
Sales Price
|
Y-to-D
Average Price
|
|
Jan 2008
|
1,243
|
305
|
$213,017
|
$213,017
|
|
Jan 2007
|
2.020
|
205
|
$338,180
|
$338,180
|
Condo/Coop/Townhouse/Villa Sales in Miami
January 2008 market statistics for condo/townhouses etc. showed an increase in sales with sold listings up by 59.7 percent compared to 2007. New listings decreased by 32.6 percent, while the average price dropped 43.3 percent to $176,815.
|
Date
|
New
Listings
|
Sold
Listings
|
Average
Sales Price
|
Y-to-D
Average Price
|
|
Jan 2008
|
1,371
|
222
|
$176,815
|
$176,815
|
|
Jan 2007
|
2,034
|
139
|
$311,596
|
$311,596
|
Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.
