Miami FL Real Estate Sales Statistics - April 2010

Two top housing economists forecast some encouraging but tempered predictions for the housing market over the next few years during an economic session at the National Association of Realtors® Midyear Legislative Meetings & Expo today.

Top housing economists, Lawrence Yun, NAR chief economist, and Mark Zandi, chief economist and co-founder of Moody's Economy.com, forecast some encouraging but tempered predictions for the housing market over the next few years. Both agree that job creation is key to an economic and housing recovery, with an improvement in job creation as 2010 progresses. However, they differed somewhat on the impact that foreclosures will have on home price stabilization. Yun expects a slightly stronger demand for housing and a fairly even level of foreclosures. Zandi forecasts an improving demand for housing with foreclosures rising later in 2010 before easing in 2011. Both economists project mortgage interest rates will remain historically low, the availability of jumbo loans will improve and home sales will rise over the next few years.

Let's look at look at the Miami FL real estate sales for April 2010 compared to April 2009 to see how the recovery is progressing.

Single Family Homes Sales in Miami

The Miami FL real estate market is representative of the South Florida market as a whole when comparing April 2010 to April 2009.

The number of single family homes sold in 2010 decreased by 24.4 percent compared to 2009. The number of new homes on the market increased by 8.4 percent. The average sales price increased by 6 percent to $210,627, while the year-to-date average sales price increased 3.2 percent to $218,281.

Condo/Coop/Townhouse/Villa Sales in Miami

March 2010 market statistics for condo/townhouses etc. in Miami showed an decrease in sales with sold listings down by .8 percent compared to 2009. New listings increased by 12.8 percent. The average sales price increased by 2.1 percent to $164,194 and the year-to-date sales price dropped 3.8 percent to $166,423.

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