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Posted on Tuesday, 5.25.2010

Miami Homes for Sale - Miami Real Estate

 

In April, after nearly three years of falling, the prices of Miami homes for sale finally rose.

Compared with last April, the median sale price of existing Miami homes for sale and in Broward increased, a sign that the poorl Miami real estate market could be heading in a positive direction, according to data released Monday by the trade group Florida Realtors. Home sales also have risen, encourage by bargains from foreclosures and short sales, low mortgage rates and the tax credit deadline.

In Dade the median price of Miami homes for sale increased by 8% to $192,000, from last year. In Broward the medium home price jumped 7 percent to $204,300. Existing Miami-Dade home sales rose 7% to 594 from last April. Sales increased 11% in Broward to 766.

Sales of Miami condos rose from last year and prices continued to fall because of so much inventory still to choose from. In Dade 723 Miami condos sold, a 33% increase and a median price drop of 3% to $130,000. Prices dropped a percent for condos in Broward to $79,300 but sales were up 30% with 1,077 selling.
 
Some Realtors’ say their sales have increased due to foreign buyers, mostly cash buying Canadians, and that the Miami real estate market is only going to get better.

Home sales surpassed expectations for April nationwide, with the temporary boost of an $8,000 tax credit for first-time buyers and $6,500 credit for repeat buyers. April 30th was the deadline for the contract to be signed and buyers must close by the end of June.

On Monday, the National Association of Realtors said that sales of previously owned homes rose 7.6% to an adjusted annual rate of 5.77 million which is the best numbers in five months. Home prices also increased with the median price up 4% to $173,100.

The month-to-month numbers are not as clear if you put them under a microscope. April's numbers were slightly better or slighjtly worse than March's. While prices dropped 4.5% in Broward single-family home sales were up 4% from March. Miami-Dade sales dipped 8.5 percent and prices were down nearly 3 percent.

Sales of Miami condos were down 13% and prices down 6% from March. Though prices increased almost 8% condo sales in Broward dropped 5.5% month to month.





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