In the Miami metropolitan statistical area (MSA), there was a 35% increase of condominium sales in February 2010 compared to the same month the previous year and a 130% increase compared to two years ago, according to the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service (SEFMLS). Sales of existing single-family homes in the Miami MSA increased 9% compared to February 2009 and increased 80% compared to February 2008. The Miami real estate market has experienced a surge in sales since August 2008, posting increases each of the last 19 months.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops dropped 0.6% from the previous month but increased 7% from February 2009.
Average and Median Home Sales Price Increases The median sales price for single-family homes increased 4.2% in February from the previous month, from $183,400 to $191,900 and was down only 2% from the previous year when it was $195,500. The median sales price for condominiums dropped 11% compared to the previous month, from $141,700 to $126,100 and 14% from the previous year, when it was $146,100.
The national median existing-home price for all housing types was $165,100 in February, which is 1.8% below February 2009.
According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in February actually increased 12.9% to $282,136 for single-family homes and decreased 10.9% to $212,038 for condominiums.