Florida Trend | Florida's Business Authority

Miami's Housing Market

by Rochelle Broder-Singer

Posted 10/1/2010

Updated 1 decade ago

Home Prices

+1.2% Change from May 2009-May 2010

+4.6% Average change in 20 largest cities

Pending Home Sales

10,113 Pending home sales (July)
+40.5% from July 2009 -3.2% for the quarter

Top Builders
(By Home Closings, July 2009-July 2010)

Terra Group 116
Lennar 91
D.R. Horton 83
Habitat for Humanity 79
Century Homebuilders 53

Foreclosures

38,395 Foreclosures, auctions and repossessions (3.9% of all properties Jan-June)
+11.5% from the same period in 2009

1,800 Average repossessions per month (January-June)
+125% from 2009

$140,294 Average sale price for foreclosed homes

Resale Properties - Miami

Existing Single-Family Homes Sales
Median Sales Price

Year Sales Price
2006 8,692 $375,800
2007 5,289 $380,100
2008 4,379 $276,600
2009 6,685 $195,300
2010* 4,130 $196,700
* Through July

Existing Condo Sales
Median Sales Price

Year Sales Price
2006 9,822 $257,500
2007 5,772 $272,000
2008 4,580 $239,400
2009 6,854 $142,500
2010* 5,307 $130,000
* Through July

South Beach Market

South Beach Condo
New South Beach condos sold
2010 (January-June) 48
2009 (January-June) 49
2008 (January-June) 300
 
Average price for new condos in South Beach
(per square foot)
2010 (January-June) $1,365
2009 (January-June) $844
2008 (January-June) $1,071

Downtown Market

1,500 New downtown Miami condos sold during the second quarter
+105% from a year earlier

23% New condos unsold in downtown Miami (as of July)
down from 40% a year earlier

$356,000 Average sales price for a downtown condo (January-June)
+16% from the year-earlier period

359 Average number of leases signed each month for downtown condo/apartment rentals (January-June)
+14% from a year earlier

$1,805 Average monthly rent