Miami Existing Condominium Sales Rise 43 Percent

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

NAR Supports the Growth of Small Businesses

“As the leading advocate for private property rights, NAR believes it is critical for Congress to act soon and to get capital flowing to small businesses and to the commercial real estate market,” Jim Helsel, treasurer of the National Association of Realtors, told the House Committee on Financial Services. He explained that raising the SBA loan limits and allowing the SBA 504 loans to be used to refinance property can help ease the liquidity crisis in the commercial sector. He went on to articulate that the NAR strongly supports the H.R. 3380 because it is projected to raise the credit union member business lending cap from 12.25 percent to 25 percent of total assets. Small regional and community banks make up for close to half of the small business loans issued in the United States. Needless to say, available credit unions increase the credit accessible by small businesses.
Source: NAR

New Jersey’s growth in homes sales

According to figures recently released from the National Association of Realtors, New Jersey was one of only three states that showed positive growth in home sales volume from the fourth quarter of 2009 to the first quarter of 2010. New Jersey’s growth in homes sales bucked both the national trend, where sales growth diminished by 14 percent, and the Northeast regional trend, where sales volume dipped 17.7 percent.

Indeed, the quarter-to-quarter growth in real estate sales in New Jersey, at 6.8 percent, was the best growth in the nation among high-volume states.

Nation’s Real Estate Market Shows Positive Momentum in Q1 2010

United Country Real Estate Announces Double Digit Sales Growth

We began to hear our offices reporting increased buyer activity in their local markets early in 2010, a fact that was confirmed by our first quarter sales results Auctions are becoming an increasingly popular sales method for real estate in America More people are recognizing that now is a great time to invest in real estate, said Duffy.

May 23, 2010 — How’s the real estate market? It seems like a simple question, but lately the answer has been clouded by predictions, outlooks and opinions more varied than the weather. It’s no wonder frustrated buyers, sellers, investors and real estate professionals want fewer predictions and more facts. The fact is there’s good news in the real estate market. According to United Country Real Estate (www.unitedcountry.com), a national real estate franchise system with more than 600 offices across the U.S., double digit sales increases in the first quarter indicate an undeniable upward shift.

The company, which serves non-urban markets nationwide through conventional and auction sales methods, reports their first quarter sales were up nearly 16 percent over first quarter 2009 results, with 12 percent increases in units sold over the same period year-to-date. Units sold per office were also up nearly 20 percent in Q1 2010 versus Q1 2009. In their latest data, the National Association of REALTORS® reported a 7 percent increase in existing homes sales for February 2010 versus the February 2009, indicating that buyers appear to be slowly reengaging in the market.

“We began to hear our offices reporting increased buyer activity in their local markets early in 2010, a fact that was confirmed by our first quarter sales results,” said Mike Duffy, president of United Country Real Estate. “Conversations with our brokers and agents also reveal that many are beginning to see other simple signs of change such as more showings and multiple offers on a single property. This upswing in local buyer interest is mirrored in our first quarter web statistics on UnitedCountry.com, which showed a 17 percent increase in visitor sessions over the same period in 2009. March marked our eighth month of positive monthly increases, and the seventh consecutive month of double digit increases. This information tells us that more people are actively looking at real estate and considering making purchases.” Read more

Home Sales on the Upswing

“Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.”   Lawrence Yun, NAR chief economist.

Pending Home Sale Up in March

According to the National Association of Realtors (NAR), pending home sales increased  in March. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February.

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St. Louis home sales soar 22 percent in March

St. Louis-area home sales rocketed up 22% in March there were 2,620 single-family homes sold in the 11-county region, according to data compiled by the Post-Dispatch from local real estate services. Sales grew in every county from last March, and the median price increased across much of the region.

The gains echo national figures released this morning by the National Association of Realtors, which reported a 16.1 percent bump in sales nationwide from last March, and a 6.8 percent increase from February.

Home Sales in the West Surge 17 Percent in March

Home sales surged 17 percent in the West last month, as buyers scrambled to take advantage of low mortgage rates and qualify for tax credits that expire at the end of this month. Nationwide, by contrast, sales of previously occupied homes rose almost 20 percent from March of last year, without adjusting for seasonal factors. The median sales price was flat at $170,700. The U.S. housing sector had another modestly positive showing in March as existing home sales, rose 6.8% to a 5.35 million unit annualized rate, boosted by the extended home buyer tax credit, the National Association of Realtors

February Numbers Pleasantly Surprise

Lawrence Yun, chief economist for NAR, said Monday that “the early stages of a second surge of home sales.” adding that ,”we need a second surge to meaningfully draw down inventory and definitively stabilize home values”.  Sales rose 8.2 percent in February, the National Association of Realtors said.

The Institute for Supply Management’s non-manufacturing barometer gave the highest rise in three years, rising to 55.4 in March, up from 53 in February. Much of the momentum came from a surge in new orders and business activity.

“Mini Real Estate Boom”

Great news coming out on the real estate market.

The latest figures from the National Association of Realtors show that existing home sales were strong in September, which means that conditions have improved for five of the past six months. Last month, sales were up 9.4 percent from the level recorded in August, and also 9.2 percent higher than the figures recorded in September 2008.

“We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth and to fully remove consumer fears, which would then revive the broader economy,” said NAR chief economist Lawrence Yun.

Home buyers returning to the real estate market

U.S. home sales rise 9.4 percent in September

Sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of 5.1 million in August, the National Association of Realtors said Friday.

That pace was the strongest in two years and beat Wall Street forecasts. Sales had been expected to rise to an annual rate of 5.35 million, according to economists surveyed by Thomson Reuters.

“There’s a mini-boom going on in the housing market,” said Thomas Popik, who conducts a monthly survey of real estate agents for Campbell Communications, a research firm.

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