Despite the anxious state of affairs in the market, home sales witnessed slight rise in September as compared to the sales during the same time last year. The rise has been the highest in last four years as the property prices saw a continual decline and the mortgage rates also remained low which was followed by swift sale of condominiums especially along the coast.
The overall sales still remained below average by almost 30 percent while the home price measures continued to plummet. The median sale price in Miami real estatealso saw a fall of 17 percent on year over year basis.
September also saw about 7,427 new and resale units including condominiums shut escrow in the Miami Dade, Broward Counties and Palm Beach. This saw a 3.7 percent fall as compared to August, however being 2.8 percent up as opposed to September 2009. The figures have been released by the MDA DataQuick, a San Diego based firm that tracks real estate trends across the nation through public property records.
On an average, property sales have seen a drop of 10.1 percent between August and September since 1997. The escrow closings remained highest in September compared to the September of past few years with about 11,892 units being sold. Largely, sales have risen for 19 consecutive months on year over year basis.
Had it not been for the rise in condo sales on year over year basis in Miami real estatemarket, the total sales in the months of September would have seen a decline from last year.
Rise in the foreclosure inventory, falling prices and low rate of interest have led to improvement in the market. In addition, impressive response from the international buyers has also been an aid to the sale in Miami real estate.
The sale of 3,678 condos in September has marked for a 0.5 percent gain from August while a 19.9 percent rise as opposed to data recorded in September 2009. This recorded for the highest number of condominium resales for September 2010 since September 2005.