The South Florida and Miami real estate market ended 2009 on a positive note, after one of the worst housing downturns in recent memory.
According to housing data released by Florida Realtors, existing homes, Miami and Miami Beach condos for sale as well as sales of condos across other areas of Florida were higher last year than they were in 2008.
In 2009, existing sales of Miami homes rose 31%, with 163,148 homes sold which was up from the 124,168 homes that were sold in 2008. Existing Miami and Miami Beach condos for sale and sales of other South Florida properties were up 47% last year, to 55,985 from 38,095 a year earlier.
In 2009, on the other hand, median prices on existing Miami homes for sale statewide were $142,600, down 24% from $187,700 in 2008.
In Florida, existing prices for Miami Beach condos for sale and properties in other South Florida areas fared even worse, with the median price falling 34% to $108,000 from $164,200 in 2008.
Statewide for the month of December, existing sales of Miami homes rose 33%, to 14,630 homes from 11,013 homes sold in December 2008. Existing Miami Beach condos for sale and sales of condos in other South Florida areas from for December hit the roof, rising 91% to 5,968 from 3,132 in December 2008.
In 2009 in Miami, existing home sales were up 53%, to 6,685 from 4,379 a year earlier. However, falling 29%, the median price was $195,300 from $276,600.
In Miami, existing condo sales rose 50%, to 6,854 from 4,580. The median price of a condo in Miami fell 40%, to $142,400 from $239,400.
In 2009, in Fort Lauderdale 7,934 existing homes sold which was 38% higher from the 6,377 sold in 2008. The median price fell 26%, to $205,700 from $278,000.
A year earlier, existing condo sales there rose 51%, to 9,894 from 6,551.
West Palm Beach existing home sales rose 25% to 8,684 from 6,953. However, the median price fell 21% to $239,000 from $302,800.
Existing condo sales rose to 7,887, up 30% from 6,075 in 2008. The median price of a condo fell 25% to $107,300 from $143,800.
Nationwide, existing home sales fell in December, as expected, after first-time buyers rush to complete sales before the original November deadline for the $8,000 credit.
Nationwide, there were a total of 5,156,000 existing homes sold in 2009 which was a 49% increase from 2008 and the first annual sales gain since 2005.
Contributed by MLR Realty
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