Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 344

Miami Home Sales, Prices Rise in 3Q

Posted by fidest press agency su giovedì, 10 novembre 2011

Small Single-family home

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Miami, FL – In the Miami Metropolitan Statistical Area (MSA), sales of homes – includingexisting single-family homes and condominiums – increased 51 percent, from 4,239 in the third quarter of 2010 to 6,412 in the third quarter of 2011according to the 25,000-member MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service. This rise marks 13 consecutive quarters, since the third quarter of 2008, of increasing sales.The Miami MSA again posted the highest sales increases of any major metro area for condominiums and of all single-family home markets in Florida. Miami sales of existing single-family homes increased 47 percent compared to a year earlier. The sales of existing condominiums in Miami spiked 48 percent compared to the third quarter of 2010. Statewide sales of single-family homes increased 12 percent while that of condominiums increased 13 percent. Nationally, total state existing-home sales, including single-family and condo, declined 0.1 percent compared to the second quarter of 2011 but were 17 percent below the third quarter of 2010.NAR Chief Economist Bold Prediction for Miami in 2012NAR Chief Economist Lawrence Yun yesterday predicted at MIAMI’s 17th Annual International Real Estate Congress further strengthening for the South Florida market in 2012. “My bold prediction for 2012 is that we will see double digit price increases in Miami in 2012,” said Yun. “Miami is the top destination for foreign buyers. More international sales during the downturn proves international buyers have fueled the local market recovery. There is also high demand for distressed properties on a local level.”

Short sales and foreclosures continue to have an impact on median and average sales prices for both single-family homes and condominiums especially in some areas of the county.

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