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August 24, 2010

Not sure if you should rent or buy in Miami to escape the cold Canadian winter? The Miami real estate market is on a crazy roller-coaster ride.

Existing condo market continues to strengthen, as can be seen with the 43 percent increase in condominium sales in July 2010 as compared to July 2009. That is a 112 percent increase from 2008, according to the Miami Realtors and Southeast Florida MLS. But, the median price dropped 20 percent to $110,500 from $137,600.

Single family homes is not seeing the same increases. In fact, the sale of existing single family homes in the Miami MSA dropped 8 percent in July 2010 as compared to July 2009, which is 51.3 percent higher than in July 2008.

The National Association of Realtors says that nationally sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 27.2 percent from the previous month, and are 25.5 percent below July 2009. Ouch.

“While sales of single-family homes have slowed down after nearly two years of significant increases, sales of condominiums continue to rise and at a considerable pace,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI REALTORS. “This shows that there is demand for local properties, which should result in further strengthening into the future. We are encouraged by the performance of the local market and expect continued stabilization.”

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