Miami Condo Sales Spike 58% in February, Cash Transactions Represent 50% of Closings

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(MIAMI, FL) -- According to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS), sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA) increased 58 percent, from 545 to 859, compared to February 2010. Sales of existing single-family homes rose 21 percent in February, from 445 to 540.

Statewide sales increased 29 percent to 6,984 for condominiums and 13 percent for single-family homes to 13,701.  Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops dropped 9.6 percent from January and were 2.8 percent below February 2010, according to the National Association of Realtors (NAR).

"Numbers are certainly trending in a positive direction," said Jack H. Levine, 2011 Chairman of the Board of the Mimai Association of Realtors.  "We are even seeing instances in certain neighborhoods with multiple offers above asking price, which is resulting in healthy absorption of housing inventory in Miami-Dade County."

Median and Average Sales Price

Short sales and foreclosures continue to have an impact on median and average sales prices for both single-family homes and condominiums especially in some areas of the county.  In February, 70 percent of all closed residential sales in Miami-Dade County were distressed.

The median sales price of single-family homes in February decreased 23 percent to $191,100 from a year earlier.  The median sales price of condominiums dropped 25 percent to $91,200 but increased 3.1 percent from the previous month.

Statewide median sales prices decreased 14 percent to $77,300 for condominiums and two percent to $124,500 for single-family homes. The national median existing-home price for all housing types was $156,100 in February, a 5.2 percent drop from February 2010.

The average sales price for total single-family homes in Miami-Dade County decreased 7.9 percent, from $282,514 in February 2010 to $260,079 last month.  The average sales prices for condominiums dropped 3.6 percent, from $ 212,757 to $205,027.

"In Miami-Dade County, sales continue to climb even though the median prices countywide are still seeing declines," said 2011 Mimai Association of Realtors Residential President Ralph E. De Martino.  "But buyers looking for desirable properties in desirable areas will find that prices are already going up. For example, in the fourth quarter of 2010, 67 percent of oceanfront condos in Miami Beach were non-distressed sales.  Compared to a year earlier, the median and average sales prices increased 12 percent and 22 percent respectively."

Inventory Levels Continue to Drop

The inventory of residential listings in Miami-Dade County dropped 18.3 percent from to 24,792 in March 2010 to 20,264 in March 2011, according to the SEFMLS. Compared to last month, the total inventory of homes dropped six percent from 21,497.  Total housing inventory nationally fell 3.5 percent at the end of February.

Days on the Market

In Miami-Dade County, the total number of days a property stays on the market dropped 5.1 percent to 108 days for single-family homes and 1.9 percent to 116 days for condominiums compared to a year earlier.

 

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