Top Local Miami Real Estate Expert!
Welcome to Sunny Isles Beach Broker™, your premier real estate resource and sole authority forAventura, Sunny Isles Beach, Golden Beach,Bal Harbour, North Miami Beach, Miami Beach (South Beach) and Downtown Miami real estate.
If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation.
In today's competitive real estate market, timing is everything. Many good, well-priced homes are sold to foreign investors before they are ever advertised locally. Beat other homebuyers to the hottest new condos and houses for sale in Weston, Williams Island, Hallandale Beach, Hollywood Beach, Davie, Fort Lauderdale, Surfside and Brickell with our New Listings Notification and Auto Home Finder.
Florida’s existing home sales rose 61 percent last month with atotal of 14,026 homes sold statewide compared to 8,694 homes sold in November 2008, according to Florida Realtors. Statewide sales of existing condos increased 111 percent last month compared to November 2008’s sales figure.
For the second month in a row, all of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in November. A majority of the state’s MSAs have reported increased sales for 17 consecutive months.
Florida’s median sales price for existing homes last month was $139,000; a year ago, it was $158,200 for a 12 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
“Taking steps to energize and stabilize the real estate market is key to economic recovery,” says 2009 FAR President Cynthia Shelton. “Not only do strong housing and commercial property markets generate business, but they are essential to helping families build wealth and stability.
“Research shows that the typical Florida homeowner intends to hold their property for 10 years. Long-term homeowners continue to have the benefit of price appreciation, as well as a benefit that simply can’t be measured – a place to raise their families, make memories and enjoy their lives. A place to call home. And now, more than ever, consumers can rely on the expertise of Brosda & Bentley Realtors™to help them meet the challenges of today’s marketplace, whether they’re looking for a home or the perfect place for a new business.”
According to NAR’s latest industry outlook, home sales are experiencing a pendulum upswing.“Keep in mind that housing had been underperforming over most of the past year,” said NAR Chief Economist Lawrence Yun. “The tax credit is helping unleash pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future. In the second half of 2010, if home values show consistent stabilization or even a modest increase, then home sales could register normal healthy levels.”
In Florida’s year-to-year comparison for condos, 4,889 units sold statewide last month compared to 2,320 units in November 2008 for an increase of 111 percent. The statewide existing condo median sales price last month was $104,400; in November 2008 it was $131,400 for a 21 percent decrease. The national median existing condo price was $172,900 in October 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.88 percent last month, a significant drop from the average rate of 6.09 percent in November 2008, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
The inventory of listings in Miami-Dade County according to the Southeast Florida Multiple Listing Service has dropped more than 41 percent in the last 15 months - from 43,095 to 25,415 – and November 2009 brought a 2.8 percent decrease in just one month. Nationally, total housing inventory at the end of November declined 1.3 percent from the previous month.
According to the Southeast Florida Multiple Listing Service, the average sales price for residential properties that sold in Miami-Dade County in November 2009 was $317,441 for single-family homes and $248,528 for condominiums - an increase of 5.2 percent and a decrease of only 10 percent respectively compared to the previous year.
Whether you are buying or selling a home, we are Miami's Top Local Real Estate Expert. I invite you to contact us as we'd be happy to assist you with this important transaction.
In addition, if you have any general questions about buying or selling real estate in Florida, please contact us a knowledgeable real estate consultant will be happy to assist you.
No comments:
Post a Comment