In the Miami metropolitan statistical area (MSA), there was a 64 percent increase of existing single-family home sales in July compared to July 2008.  Miami was the strongest major metropolitan single-family market in Florida compared to the statewide increase of only 37 percent. The sales of existing condominiums in the Miami MSA increased by 48 percent compared to the same period last year.  Statewide condominium sales also increased 48 percent. 

The Miami real estate market has experienced a surge in sales each of the last 12 months.  Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased only 7.2 percent. 

“As we achieve stabilization, the South Florida real estate market continues to outperform other markets in Florida and the nation,” said Rick Burch, chairman of the Realtor Association of Greater Miami and the Beaches. “Since August 2008 we have seen a significant increase in sales resulting from local, U.S., and international buyers taking advantage of the Homebuyer Tax Credit, the very favorable market conditions, and South Florida’s enviable lifestyle.”

The median sales price for single-family homes reported in Miami-Dade in July was $192,700, a 40 percent drop from the previous year.  The median sales price for condominiums was $137,600, a 40 percent decrease from July 2008.  Statewide, sales prices dropped 24 percent to $147,600 for single-family and 36 percent to $108,300 for condominiums. 
 
The average sales price for residential properties that sold in Miami-Dade County in July was $280,224 for single-family homes and $228,163 for condominiums, decreases of 10.1 percent and 45.8 percent respectively.

The number of days a property stays on the market and inventory levels continue to decrease substantially, other indicators that point to the local market recovery.  The inventory of listings in the Southeast Florida Multiple Listing Service has dropped more than 50 percent in the last 12 months - from 43,095 to 28,415 – and July 2009 brought a 5.8 percent decrease in just one month. Nationally, total housing inventory at the end of July rose 7.3 percent from the previous month, and inventory totals were only 10.6 percent lower than a year ago. 

In July, the average number of days a property stays on the market in Miami-Dade County averaged 112, a 6.1 percent decrease from the previous year. 

The closing deadline to receive the $8,000 Homebuyer Tax Credit is fast approaching.  Anyone interested in buying should act fast in order to be able to close in time.

“November 30 is the closing deadline for buyers wanting to take advantage of the $8,000 Homebuyer Tax Credit,” said Burch.  “Those thinking about buying should make offers now to be sure they close in time to receive the credit.”