Miami Real Estate Sales Continue to Rise
Sales increased 71 Percent in February 2009
Miami, FL – Miami sales of single-family homes rose 68 percent in February 2009 compared to February 2008. The sales of condominiums increased by 71 percent compared to the same period last year. The number of sales in Miami has increased significantly each of the last seven months, a trend that points to the recovery of the real estate market in South Florida.
In Miami there was a 70 percent increase in existing-homes sales-- including single-family, townhomes, and condominiums -- in February 2009 compared to February 2008, while nationally existing-home sales only rose 5.7 percent. Sales of existing-homes in several Florida markets declined in February.
“The increase in sales in the Miami market over the last seven months shows a clear strong upward trend indicative of a market recovery,” said Rick Burch, 2009 Chairman of the Realtor Association of Greater Miami and the Beaches.
The sales of single-family homes have shown gains every month since August 2008. Condominium sales increased in June and have increased every six out of the last seven months. The number of days a property stays on the market and inventory levels have also decreased substantially, other strongly positive market indicators. In August 2008, the total number of listings on the market was 43,058. By February 2009, that number had dropped to 36,061. Just three weeks later inventory levels had again decreased to 35,562.
“We expect sales to continue to rise in the coming months, and once distressed properties are not a major force, prices will begin to rebound to normal levels,” said Burch. “Additionally, new construction projects have been halted locally, allowing excess inventory to be absorbed, which should positively impact home prices.”
Mainly due to an increased number of foreclosures and short sales, median sales prices continue to drop. The median sales price for single-family homes reported in Miami in February 2009 was $195,500, a 36 percent drop from January 2008. The median sales price for condominiums was $146,100, a 50 percent decrease from January 2008.
About RAMB
The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 89th Anniversary of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of three organizations (the Residential Realtor Association of Greater Miami and the Beaches, the Realtors Commercial Alliance and the International Council of Greater Miami and the Beaches), RAMB represents over 13,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. RAMB’s official Web
Don
Do you think the acquisition of NBC by Comcast will have any change from the issue discussed in your hub?
I don't watch any of the CSI, Law and Order type shows. Mostly because I don't find it entertaining.
I do like Leverage because it is surreal.
I didn't like the Closer, I only watched part of the first season. I found the violation of rights even on the criminal absurd, but then again they could be happening in real life.
Lie to me was OK for a while, but now I find it irritating to watch closeups of the star, twisting and turning his head and slurring words.
The Mentalist is similar to Psch which also is similar to Monk. They just have different gimmicks for their analytical deductions. They are OK.
Back to your point about NBC, I think that it is a carryover from their CNBC reporting.
As for politicians, were are lucky if 7% of them tell no lies. There could be a lot of truth into the old saying, "How can you tell when a politician is lying?, and the answer is that his lips are moving.
good one Don.
eovery profile image
eovery 2 years ago
You are so correct. When I was young, I acted out many John Wayne's movies. It had an impact on me. After we hear things a few hundred times, it seems we start accepting it to be truee and go along with it. There are so many socialistic ideas ingrained into us today... i.e. according to the government, I hear it everyday, for nutrition to safety warnings.
Keep on hubbing
