Sales Pace Backs Off, Prices Continue Higher for Miami Real Estate in January

posted on March 1st, 2010 filed under: Real Estate News

The Florida Association of Realtors reports 436 homes sales at a median price of $208,100 in January 2010 for the Miami metropolitan statistical area.

The number of sales is down from the torrid 623 sales reported for December 2009.

The median price of $208,100 for January is significantly higher than the $204,300 reported for December 2009, which itself was a stupendous jump from the $184,800 for November.

A likely explanation for the erratic price data is the government’s $8,000 homebuyer tax credit.  The credit spurred lots of activity at the low end, where $8k makes the biggest difference to people.  Because the credit was originally set to expire at the end of November, closings were scheduled to close by that deadline.  Closings for December and January reflect costlier properties for which the credit was not a necessary factor.

Bottom line?  Market-wide data are distorted by government intervention, so pay especially close attention to micro-market data like recent sales in the neighborhoods that interest you.

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posted by // This entry was posted on Monday, March 1st, 2010 at 4:23 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed.

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