Miami FL Real Estate Sales Statistics - August 2009

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. "The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit," he said. "Other buyers are taking advantage of low home values before prices turn higher. Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family's monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable," Yun said.

Let's take a look at the Miami real estate sales statistics for July compared to July 2008 to see how the market is looking in South Florida:

Single Family Homes Sales in Miami

The Miami market is representative of the South Florida market as a whole when comparing August 2009 to August 2008. The number of single family homes sold in 2009 increased by 24.9 percent compared to 2008. The number of new homes on the market decreased by 38.5 percent. The average sales price declined by 26.6 percent to $209,951, while the year-to-date average sales price declined 37.1 percent to $208,058.

Date	New Listings	Sold Listings	Average Sales Price	Y-to-D Average Price
August 2009	963	411	$209,951	$208,058
August 2008	1,566	329	$286,047	$330,593

Condo/Coop/Townhouse/Villa Sales in Miami

August 2009 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 35.8 percent compared to 2008. New listings decreased by 25.1 percent. The average sales price dropped 6.1 percent to $236,063 and the year-to-date sales price dropped 41.8 percent to $173,697.

Date	New Listings	Sold Listings	Average Sales Price	Y-to-D Average Price
August 2009	1,111	364	$236,063	$173,697
August 2008	1,492	268	$251,352	$298,188

Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.

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