The increase in overall median price is attributable in part to an increase in the number of “normal” home sales, which have higher selling prices than foreclosures or short sales. The number of normal sales in March (733) is 28.15 percent higher than in February (572).

“Short sales and foreclosures continue to dominate and account for 70.50 percent of sales in March,” says ORRA Chairman of the Board Mike McGraw, McGraw Real Estate Services, PL. “A consistently high percentage of these sales types is something that we want to see; the sooner they flush through the system the sooner we can get back to a market based on normal sales.”

The key will be to see if we can keep this going over a sustained amount of time as it is great news. Lets hope it continues.

http://realtrends.com/products/updates/view?uid=23&pid=173&page=4

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Miami, FL

Total cumulative pending home sales – including single-family homes and condominiums – in Broward County increased 17 percent in August 2010 compared to August 2009, from 6,705 to 7,845, and increased .19 percent, up from 7,830, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).

Contrary to national trends, which show near-term home sales noticeably lower since the expiration of the homebuyer tax credit, the South Florida real estate market continues to strengthen, primarily due to the highest concentration in the U.S. of international buyers.

Pending condominium sales in Broward fared better than that of single-family homes. Broward County pending condominium sales in Augustwere 27.4 percent higher than they were in August 2009, up from 3,414 to 4,350, and were .625 percent higher than the previous month, up from 4,323.

“We are optimistic about signs of stability in the Broward marketplace,” said Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Buyers should take advantage of low interest rates and record affordability.”

Compared to August 2009, Broward pending sales of single-family homes rose 6.2 percent, from 3,291 to 3,495, and decreased .342 percent, down from 3,507, compared to the previous month.

International Buyers Strengthen Broward Market
Home sales in South Florida have increased dramatically since August 2008, and home prices continue to stabilize. South Florida, where an estimated 60 percent of sales involve a foreign buyer, continues to be the top area in the nation for international buying activity.

“With pristine beaches, a great quality of life and affordable pricing, Broward County continues to be a huge draw to foreign buyers,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “These buyers are instrumental in helping to strengthen the South Florida real estate market.”

A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Increased pending sales are an indication of increased future sales. The MIAMI Association of Realtors reports the cumulative number of pending sales.

MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents 23,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is www.miamire.com.

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Miami, FL

Total pending home sales – including single-family homes and condominiums – in Miami-Dade County increased 33.7 percent in August 2010 compared to August 2009, from 7,570 to 10,119, and increased .06 percent, from 10,113 to 10,119, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).

The South Florida real estate market continues to strengthen, primarily due to the highest concentration in the U.S. of international buyers, contrary to national trends, which show near-term home sales noticeably lower since the expiration of the homebuyer tax credit.

“The pending sales figures for August coupled with strengthening single-family home prices are good news for the South Florida real estate market, but there are still attractive opportunities for prospective buyers,” said Jack H. Levine, 2010 chairman of the board of the MIAMI Association of REALTORS. “Pending sales rose month-over-month and year-over-year, showing that this is still a great time to purchase a home, especially in the local market. Interest rates are at a record low and expected to remain that way for the remainder of the year while inventory is still plentiful, giving buyers many properties to choose from. Furthermore, the local market is expected to outperform other markets throughout the U.S. due to its international appeal, resulting in strengthening home values into the future.”

Pending sales of condominiums in Miami-Dade County continue to perform better than that of single-family homes. In August, condominium pending sales increased 49.7 percent compared to the previous year, from 3,848 to 5,759 and increased 0.7 percent, from 5,720 the previous month. Pending sales of single-family

homes in August increased 17.1 percent from the previous year, from 3,722 to 4,360, and decreased a slight 0.8 percent from the previous month when pending sales totaled 4,393, showing a preference for condos in August.

Pending Sales Indicative of Strengthening Market
Monthly home sales in South Florida increased dramatically for a period of 23 months since August 2008, while condominium sales continue to surge. Increased pending sales are an indication of increased future sales. A sale is listed as pending when the contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

“We expect home sales to continue to increase in South Florida for the remainder of the year and headed into 2011, provided the job market continues to improve,” said Oliver Ruiz, 2010 residential president of the MIAMI Association of REALTORS. “International buyers in particular continue to positively impact the local market, creating short- and long-term demand for South Florida properties and contributing to strengthening home prices.”

MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 23,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is www.miamire.com.

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Miami, FL

The Miami real estate market continues to strengthen as a result of increased sales and stabilizing home prices. In the Miami MSA, there was a 43 percent increase in condominium sales in July compared to July 2009 and a 112 percent increase compared to two years ago, when homes sales began climbing, according to the MIAMI REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).

The sales of existing single-family homes in the Miami MSA dropped eight percent in July compared to July 2009 but were 51.3 percent higher than they were in July 2008. The Miami real estate market experienced rising residential sales since August 2008, posting increases for 23 consecutive months. Condominium sales continue to increase. Statewide sales increased 11 percent for condominiums and dropped 14 percent for single-family homes.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 27.2 percent from the previous month, and are 25.5 percent below July 2009, according to the National Association of Realtors (NAR).

The median sales price for single-family homes in the Miami metropolitan statistical area (MSA) in July increased three percent to $199,300 compared to a year ago. The median sales price for condominiums in July was $110,500 down 20 percent from a year ago. Statewide median sales prices decreased seven percent to $138,000 for single-family homes and 20 percent to $87,200 for condominiums.

“While sales of single-family homes have slowed down after nearly two years of significant increases, sales of condominiums continue to rise and at a considerable pace,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI REALTORS. “This shows that there is demand for local properties, which should result in further strengthening into the future. We are encouraged by the performance of the local market and expect continued stabilization.”

Average Home Sales Price Increases
The average sales prices, which have increased consistently over the last few months, for residential properties rose again in July for single-family homes but dropped slightly for condominiums. According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in July increased 8.3 percent from the previous year to $294,479 for single-family homes and decreased 5.8 percent to $212,156 for condominiums.

Days on the Market and Inventory Levels Decrease
The inventory of residential listings in Miami-Dade County according to the SEFMLS has dropped 11.4 percent from 28,956 to 25,659 since July 2009. The number of active single-family home listings is 13 percent lower compared to a year ago, while active condominium listings have dropped 11 percent.    Compared to last month, the total inventory of homes increased 1.9 percent. The average days a property stays on the market decreased 10.3 percent to 100 for single-family homes and 11.9 percent to 114 for condominiums.

Nationally, total housing inventory at the end of July rose 2.5 percent from the previous month.

“Demand for local properties, including multiple bidding reminiscent of the boom during the last decade, is driving values,” said 2010 MIAMI REALTORS Residential President Oliver Ruiz. “Median and average sales prices are rising, while condominium prices are expected to follow due to the considerable increase in sales.”

MIAMI REALTORS
The MIAMI Association was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents 23,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is www.miamire.com.

Note: MIAMI REALTORS and the Southeast Florida Multiple Listing Service are the sources for statistics reported by the National Association of Realtors and Florida Realtors. MIAMI reports average sales price as well as median sales price.

CONTACT:
Lynda Fernandez, 305-468-7040 Office or 305.903.7922 Cell or
Teresa King Kinney, 305-468-7010

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Tampa Bay area homes sales have increased significantly in June 2010. 3,226 homes were closed, four hundred more than this time last year. Condo sales have grown, as well. In the Tampa Bay area, condos ha sales have gone up 38% compared to a year ago.

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“This is the first time in almost three years that we’ve seen price increases,” says Yale University professor Robert Shiller, who helped design the home price index. “So when we see a break in the downward trend that’s definitely encouraging news.”
“Well, I think the worst is probably behind us — the worst pace of decline,” he says. “We were going down at 2 percent a month for a number of months in a row nationally. That was really something. Now home prices relative to rents or construction costs are back at normal levels.”

Many Realtors are seeing multiple offers making some speculate that we have reached a housing bottom.

“Well, I think it very much depends on what city you’re in,” says William Wheaton, a housing economist at MIT. “There are really two types of markets right now.”

Wheaton notes that in states with 50% drops like Arizona, California and Florida that indeed we may be at a bottom.

“If you’re in a market like California, where prices have fallen 50 percent and transactions have picked up and you ask your friendly professor ‘Is this the bottom?’ I would say pretty much so,” Wheaton says.” If you could buy a house [for] 50 percent of what you could a few years ago, I’d say go ahead and buy it.”

Source: NPR

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Default notices, scheduled auctions and bank repossessions in Florida were all down from the previous month.

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