Foreclosure Listings for Sale Proved Popular Among Buyers in 2010- By: John Cutts
Sales of non-foreclosed single family dwellings and residential properties under foreclosure listings for sale surged in Miami, Florida, last year. However, selling prices dropped for both the full 2010 period and for the month of December.
The number of houses under foreclosure listings in Miami and non-foreclosed single family residences that were sold in 2010 totaled 7,308, representing a 9% jump from 2009 levels when 6,685 single family housing units were sold. However, median selling prices dropped by 3% from $195,300 in 2009 to $189,400 in 2010. The same trend happened for December, with sales rising and median prices declining.
Majority of foreclosure lists in Florida and non-foreclosed residential markets enjoyed stronger sales in 2010 compared with year-ago levels. For December 2010, single family residential property sales in Miami increased by 18%, posting a sales total of 734. December 2009 sales totaled 623. The median selling price of houses during the month was pegged at $173,600, down 15% from December 2009 when median rate was at $204,300.
The rest of South Florida experienced higher sales of non-foreclosed homes and houses under foreclosure listings for sale during 2010, except for Fort Lauderdale. West Palm Beach recorded a full year 10% jump in sales, totaling 9,584 from the 2009 total of 8,684. Median rate also dropped in the county, with selling prices declining by 4% from $239,000 in 2009 to $228,900 last year.
In Fort Lauderdale, sales of properties under bank foreclosure listings and single family dwellings from non-foreclosure markets declined by 9% in 2010 to reach a sales total of 7,997. In 2009, housing unit sales totaled 8,816, with median selling prices pegged at $206,500. Median rate for 2010 declined slightly compared with 2009 prices, with year-over-year median price difference at around $400. Statewide, sales of existing homes, including foreclosed properties, increased by 5% compared with year-ago levels, with median selling prices dropping by 4% over the same period.
Analysts stated that sales of properties under foreclosure listings for sale and dwellings in non-foreclosed markets will likely continue to improve in 2011, mainly because of projected growth in job markets. They added that buyers and investors will gain more confidence this year owing to a much better national economy.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.