South Florida Market Statistics Point to Market Bottom
The Miami metropolitan statistical area is outperforming the rest of the state, as sales of existing single-family homes and condominiums continue a 10-month surge in the Miami metropolitan statistical area. In May, Miami was the strongest market in Florida with a 76% sales increase of single-family homes and 36% sales increase of condominiums. In April, single-family home sales increased 98% while condominium sales increased 36%. In March, there was a 101% increase in single-family home sales and a 59% increase for condominiums. Pending sales have also seen a dramatic increase, while inventory levels, specially in lower price points, have similarly dropped. In Miami-Dade County inventory levels (including both single-family homes and condominiums) have dropped 45% in less than one year, from 43,095 in July 2008 to 29,681 in July 2009. Anecdotal evidence indicates that most of the increased sales activity involves first-time and international buyers. According to NAR Chief Economist Dr. Lawrence Yun this information means the South Florida real estate market is close to bottoming if it hasn't bottomed already. Here are the latest South Florida news releases and statistics:
RAMB Market Focus - June 2009
May 2009 - Miami-Dade County Existing Home Sales
May 2009 - Miami-Dade County Pending Home Sales
April 2009 - Miami-Dade County Existing Home Sales
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