Home Sales in Miami Continue to Edge up
03 August 2011
June figures for home sales in the Miami area showed that numbers have increased for the seventh consecutive month. It's thought that lower prices have helped take the sting out of the loss of the home buyer’s tax credits which helped boost the property market early last year, and the median sale price is now 10% less than June last year. Median prices have now fallen for 45 consecutive months.
In June, 9, 857 sales were closed on new and resale property in the Miami Dade area and Broward counties. The number of sales increased by 1.4% compared to May, and is 6% higher than June 2010 according to figures from DataQuick which collates its information from public property records.
Although this sales increase between May and June is good news, the average increase between these two months is normally 6.7%. The total sales figures for June are the highest for that month since June 2007, but are still 20.7% below average June figures.
There were 4,911 condos resold in June, which is a 2.2% decrease on May figures, but a very healthy 12.7 increase compared to June 2010, and in fact is the highest number since June 2005. Condo re-sales accounted for 49.8% of all sales within the Miami area, up from 46.8% a year earlier. The monthly average during the last 10 years is just 34.7%.
Although the number of re-sales is up, the new homes market is still struggling due to the number of distress sales and continuing weakness within the economy. However the luxury market is doing much better with sales of properties costing more than $2 million up 21.2% on May, and 27.2% compared to June 2010.