South Florida Real Estate Sales Statistics - February 2009
Pending home sales declined on the heels of a weakening economy and with some buyers waiting for clarity on housing stimulus provisions, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9. The index is at the lowest level since tracking began in 2001, when the index value was set at 100.
Lawrence Yun, NAR chief economist, said the downturn in the economy also weighed heavily on the data. “Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales,” he said. “We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit.”
Let’s take a look at the Miami Beach real estate sales statistics for February compared to February 2008 to see how the market is looking in South Florida:
Single Family Homes Sales in Miami Beach
The Miami Beach market is representative of the South Florida market as a whole when comparing February 2009 to February 2008. The number of single family homes sold in 2009 decreased by 11.1 percent compared to 2008. The number of new homes on the market decreased by 27.2 percent.
The average sales price declined by 52 percent to $664,344, while the year-to-daqte average sales price declined 63.3 percent to $660,656.
|
Date |
New |
Sold |
Average |
Y-to-D |
|
Feb 2009 |
59 |
8 |
$664,344 |
$660,656 |
|
Feb 2008 |
81 |
9 |
$1,383,944 |
$1,797,725 |
Condo/Coop/Townhouse/Villa Sales in Miami Beach
February 2008 market statistics for condo/townhouses etc. in Miami Beach showed an increase in sales with sold listings up by 39.4 percent compared to 2008. New listings decreased by 11.5 percent. The average sales price dropped 40.3 percent to $440,979 and the year-to-date sales price dropped 10.4 percent to $554,137.
|
Date |
New |
Sold |
Average |
Y-to-D |
|
Feb 2009 |
531 |
92 |
$440,979 |
$554,137 |
|
Feb 2008 |
600 |
60 |
$738,564 |
$618,697 |
Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.
