New Economic Cycle - Miami Association of Realtors

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THURSDAY, MARCH 3, 2011
MiamiHerald.com
INTERNATIONAL EDITION
THE MIAMI HERALD
South Florida, Miami Home Sales Surge in January
S
ales of existing condominiums in the
Miami Metropolitan Statistical Area
(MSA) increased 134 percent, from
540 to 1,262, compared to January
2010 and 233 percent compared
to January 2009, according to the
25,000-member MIAMI Association of REALTORS®
and the Southeast Florida Multiple Listing Service
(SEFMLS). Sales of existing single-family homes
rose 55 percent in January, from 436 to 676,
compared to January 2010 and 66 percent
compared to January 2009.
“These significant increases in sales for both
single-family homes and condominiums reflect
the strength of the Miami real estate market,” said
Jack H. Levine, 2011 Chairman of the Board of the
MIAMI Association of REALTORS®. “The Miami
market continues to outperform the rest of the U.S.
mostly due to the strong impact of international
buyers and record affordability.”
Median and Average
Sales Price
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. The median sales
price of single-family homes in January decreased
18 percent to $150,800 from a year earlier. The
median sales price of condominiums dropped 36
percent to $91,200.
The average sales price for total single-family
homes in Miami-Dade County decreased 13
percent, from $281,299 in January 2010 to
$244,619 in January 2011. The average sales
prices for condominiums dropped 22.9 percent,
from $ 220,515 to $169,959.
“While home sales prices continue to be
impacted by distressed properties, we are seeing
improvements in many areas and buildings,” said
2011 MIAMI Association of REALTORS® Residential
President Ralph E. De Martino. “Increased demand
particularly from international buyers for local real
estate should help boost home prices and continue
to absorb total housing inventory.”
Inventory Levels Continue
to Drop
The inventory of residential listings in Miami-Dade
County dropped 14 percent from to 25,021 in
February 2011, according to the SEFMLS. Compared
to the previous month, the total inventory of homes
dropped seven percent from 23,116.
Days on the Market
In Miami-Dade County, the total number of days a
property stays on the market dropped 12 percent
to 95 days for single-family homes and 20 percent
to 104 days for condominiums compared to a year
ago.
Broward Home Sales Rise
in January, Fort Lauderdale
MSA Sales Expanded
In Broward County, condominium sales increased
17 percent from 1,192 last month compared to
1,233January 2010 and 132 percent compared to
January 2009, according to the 25,000-member
MIAMI Association of REALTORS® and the Southeast
Florida Multiple Listing Service (SEFMLS). Singlefamily home sales increased 8.7 percent in January
and were 60 percent higher than they were two
years ago.
“Current statistics, which include expanded data
to reflect all sales in Broward County, point to
the strength of our real estate market,” said Terri
Bersach, 2011 president of the Broward County
Board of Governors of the MIAMI Association of
REALTORS®. “We always knew the statistics
reported did not reflect the reality of the market
and it is important that now all sales from all
associations are now being reported in the Fort
Lauderdale MSA.”
Median and Average
Sales Price
The median sales price of condominiums in the
Fort Lauderdale Metropolitan Statistical Area (MSA)
increased two percent to $68,900 compared to
January 2010. The median sales price for singlefamily homes was $165,100, down five percent
from a year prior.
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OF THE AMERICAS
The average sales price for single-family homes
increased 10.9 percent, from $227,846 in January
2010 to $252,583 last month. The average sales
prices for condominiums dropped 9.6 percent, from
$118,353 to $106, 957.
“New data collection method has resulted in a
more accurate perspective of the performance
of the Broward County real estate market,” said
Natascha Tello, president-elect of the Broward
County Board of Governors of the MIAMI Association
of REALTORS®. “These numbers are an indication
of the increased market activity in the entire MSA.”
Inventory Levels
Decrease Again
The inventory of residential listings in Broward
County decreased 11.2 percent from 21,189
to 18,826 since February 2010, according to
the SEFMLS. Compared to last month, the total
inventory of homes decreased 5.4 percent.
Days on the Market
In Broward County, the total number of days a
property stays on the market dropped 12.9 percent
to 94 days for single-family homes and 11.15
percent to 104 days for condominiums compared
to a year ago.
Broward Statistics Expanded
Beginning with the January 2011 statistics, the
Ft. Lauderdale MSA data includes all MLS sales
in Broward County from all three associations in
the market. Previously only the sales from the
REALTOR® Association of Greater Ft. Lauderdale
(RAGFL) were included as “Ft. Lauderdale.” The
category has now been expanded to appropriately
include all of the Ft. Lauderdale MSA, which also
includes sales in Broward County by the Miami
Association of REALTORS® (MIAMI) and the South
Broward Board of Realtors (SBBOR).
sales were reported as Ft. Lauderdale by RAGFL,
the other 40 percent of the market had not been
included at all. The January 2010 comparison has
been adjusted to also include aggregated numbers.
The Broward market (Ft. Lauderdale MSA) has
been showing a loss in sales while Broward
County has actually been experiencing an increase
in sales when the entire MSA and data from all
three associations is included. At one time, RAGFL
represented a very high percentage of all sales in
Broward County, but now the MIAMI and SBBOR
Associations represent approximately 50 percent of
the Realtors in Broward County and correspondingly
a growing percentage of the sales, and therefore
will be included in the figures from now on.
South Florida Sales
Outperform State
Statewide sales increased 36 percent to 6,681 for
condominiums and 14 percent for single-family
homes to 12,151. Statewide median sales prices
decreased 18 percent to $79,400 for condominiums
and 7 percent to $122,200 for single-family homes.
U.S. Real Estate Market
Nationally, sales of existing single-family homes,
townhomes, condominiums, and co-ops rose 2.7
percent from December but were 2.3 percent
above January 2010, according to the National
Association of REALTORS® (NAR). The national
median existing-home price for all housing types
was $158,800 in January, a 3.7 percent drop from
January 2010. Total housing inventory nationally
fell 5.1 percent at the end of January.
The recent merger of the three associations in
Miami-Dade County initiated a change in the
compilation of the statistics and identification
that the “Ft. Lauderdale” sales market needed to
be expanded to include the Ft. Lauderdale MSA
and the sales from the other associations in the
market. Since only approximately 60 percent of the
Representing 25,000
Real Estate Professionals
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Thriving Within the
New Economic Cycle
APRIL 4, 2011
Palm Beach County Convention Center
SPEAKERS:
The financial crisis
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Jonathan Spector
Chief Executive
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The Conference
Board Inc.
• Which economic indicators
should we be looking at?
• Where should businesses and investors
turn for stable profits and ROIs?
• How can international trade contribute
to restore the global imbalances?
Martín Torrijos
Former President,
Republic of Panama
Mickey D. Levy
Chief Economist,
Bank of America
Dennis
P. Lockhart
President and Chief
Executive Officer,
Federal Reserve Bank
of Atlanta
Karen Alderman
Harbert
President and Chief
Executive Officer,
Institute for
21st Century Energy,
U.S. Chamber
of Commerce
Mthuli Ncube
Chief Economist and
Vice President,
the African
Development Bank
Group
Jim Adams, Vice President for the East Asia and Pacific Region, The World Bank
José Barrios Ng, Deputy Administrator, Panama Canal Authority
Carole Cameron Inge, President and CEO National Institute for the Commercialization of Clean Energy (NICCE)
Hisham Elsherif, Chairman, Nile Capital
Warren Jestin, Senior Vice-President and Chief Economist, Scotiabank
Lissa Morgenthaler-Jones, CEO & Co-Founder, LiveFuels Inc.
Susan Lund, Director of Research, McKinsey Global Institute
George LeMieux, Former U.S. Senator, Florida
Kevin G. Lynch, ViceChair, BMO Financial Group
Nicholas P. Sargen, Senior Vice President and Chief Investment Officer, Western & Southern Financial Group
Kevin Smith, CEO, SolarReserve
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