According to housing data released Monday by Florida Realtors, in December, existing sales for Miami homes for sale jumped 45% in Miami-Dade and 24% in Broward in December, compared to the same month of 2008. Median prices for Miami homes fell just 5% and 2% in Broward in the year-to-year comparison.
Realtors say more buyers are perusing Miami real estate properties, and some believe prices have stabilized. In some areas like The Roads, Coral Gables, Plantation, Coral Springs and Weston, Realtors say prices of Miami homes are rising.
Single-family Miami real estate sales in December rose 37% in Miami-Dade and 10% in Broward, compared to November.
Nevertheless, median prices for Miami homes for sale continued to fall, falling 10% in Miami-Dade and 17% in Broward compared to November. The statistics include only those homes sold by Miami real estate agents.
In December, Miami condos for sale skyrocketed, compared to the same month of 2008 -- up 68% in Miami-Dade to 766 and 59% in Broward to 949. However, median prices fell at the same time down 16%in Miami-Dade and down 17% in Broward.
Also in December, the pace of condo sales compared to November showed more moderate gains: up 26% in Miami-Dade and up 5% in Broward, while median prices fell just 1% in Miami-Dade and 28% in Broward.
The picture is different, nationwide. In December, home sales fell after a surge from September through November, as first-time buyers hurried to complete sales before the November deadline for the home-buyer tax credit. According to figures released Monday by the National Association of Realtors, prices did however rise from December 2008 and annual sales improved in 2009.
The latest industry outlook predicted by the NAR is that recovery will gain momentum in the second half of 2010.
Buyers that qualify and have signed a contract to buy a primary residence by April 30 have until June 30 to close the purchase to be eligible for the federal tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.
Market observers hope that will help the Miami real estate market, which has suffered from weak sales and receding prices for about three years. Short sales and foreclosures have caused prices to decline as owners, banks and other sellers have hustled to unload property.
David Dabby, president of the Dabby Group in Coral Gables says foreclosures and short sales represented 60% of all sales in Miami-Dade and 50% in Broward, during the last quarter of 2009.
None the less, Realtors are hopeful the market is regaining a degree of health.
Contributed by MLR Realty
