This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Miami Home Sales Dip in January

LA JOLLA, Calif. ( DQNews) -- The number of homes sold in the Miami area in January dipped below the year-ago level as sub-$200,000 transactions fell, tugging down the region's overall sales tally despite annual gains for mid- to high-end deals.

The median sale price rose on a year-over-year basis for the first time in 52 months -- just one of several indications of widening price stability, a real estate information service reported.

In January, 7,443 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. That was down 17.1% from the prior month and down 3.3% from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

When sliced up by price segment, January sales saw year-over-year gains in the middle and top of the market and declines at the bottom. Sales below $100,000 fell 11.6% from a year earlier (the decline was 8.1 % for sub-$200,000 sales), compared with a 4.2% annual gain for sales between $200,000 and $600,000 and a 24.1% annual increase for deals over $800,000.

In the Miami region's multi-million-dollar luxury market, the 56 homes that sold for $2 million or more in January represented a 14.3% increase from a year earlier. In all of 2011, $2 million-plus home sales rose 13.5% compared with 2010. The figures are based on public property records, where either a price or loan amount was available.

In the overall market, the median price paid for all new and resale houses and condos sold in the Miami region in January was $130,000, down 3.7% from December but up 6.1% from a year earlier. January's year-over-year increase was the first since September 2007. The median stopped falling on a year-over-year basis in December 2011, when it was exactly the same as a year earlier.

The January median stood 55.2 % below the peak $290,000 median in June 2007.

The median price paid for resale houses in the three-county area was $162,000 in January, down 1.8 % from December but up 1.3 % from a year earlier, marking the first year-over-year gain since May 2010. January's $90,000 resale condo median sale price was the same as the month before (and each month back to last October) and was 12.5 % higher than a year earlier. The resale condo median has risen on a year-over-year basis for four consecutive months, with January's gain being the largest.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $111.32 0.49%
FB $92.77 -1.30%
GOOG $645.48 0.63%
TSLA $241.44 -1.90%
YHOO $30.95 0.32%


Chart of I:DJI
DOW 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs