A strong increase in Miami condo sales has helped Miami home sales reach a four-year high. However, the median price has been falling, down nearly 8 percent from August 2009. See the following article from HousingWire for more on this.
Miami-area home sales in September rose 2.8% month-to-month to the highest level reached in four years; however, home prices continue to falter.
The governing factor of both these occurrences was condo resales, which increased 0.5% from August and 19.9% from September 2009, according to the MDA DataQuick monthly report. The total amount of condo resales was 3,678 in September.
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MDA DataQuick reported that condo resales in the Miami metropolitan statistical area accounted for half (49.5%) of all sales made during the month. Local real estate consultancy firm CondoVultures reported there were only 19 new condo sales in South Beach during September.
In the Miami-Fort Lauderdale-Miami Beach district, 45.3% of homes sales were resale, while only 5.2% were new home sales. Home resales are down 5.7% from 2009. New home sales are down 3.7% from August and 34.9% from one year ago.
Home sales fell despite market price deflation. The median price for a resale home in September was $175,000, down 2.8% from August and 7.9% from 2009. The median price for a resale condo also dropped 12.1% to $87,000 compared to one year ago when the price was $99,000.
Prices rose for new homes, up 12.2% to $303,000; however, the median price for home prices overall dropped 17% to $132,000 due to the number of condo resales that occurred, the data firm concluded.
The Miami-area trend is representative of the market state-wide. Recently, Florida Realtors trade group reported existing home sales down 8% and existing condo sales up 10% across the Sunshine State.
This article has been republished from HousingWire. You can also view this article at HousingWire, a mortgage and real estate news site.