Miami home sales strengthen in December

The sales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) rose 18 percent in December, from 623 to 734, compared to December 2009 and 70 percent compared to December 2008 according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS). Sales of condominiums increased 29 percent, from 766 to 985, compared to December 2009 and 116 percent compared to December 2008.

Statewide sales increased four percent to 6,673 for condominiums and four percent for single-family homes to 15,550. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 12.3 percent from November but were 2.9 percent below December 2009, according to the National Association of Realtors (NAR).

"Sales figures for December and for all of 2010 are very encouraging," said Jack H. Levine, 2010 Chairman of the Board of the MIAMI Association of REALTORS. "Increasing sales denote the demand that exists for local properties and show significant strengthening from where we were two years ago."

Year End 2010
Total closed sales of condominiums spiked 43 percent, from 6,854 in 2009 to 9,778 in 2010. Compared to 2008, condominium sales increased 114 percent last year. Total single-family home sales increased nine percent from 6,685 in 2009 to 7,308 in 2010 and 67 percent compared to 2008.

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.