Miami Florida property sales hit record high in 2011
Miami home sales set a new record in 2011, exceeding transaction levels during the height of the real estate boom in 2005, on the back of a general rise in demand for properties in Florida, according to the 26,000-member MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
Total 2011 sales, including both condominiums and single-family homes, in Miami-Dade County were 24,929, up 4% from the 24,025 in 2005 and 46% from 17,068 in 2010. Year-end closed sales of condominiums increased 54%, from 9,760 in 2010 to 15,009 in 2011. Total single-family home sales increased 36% from 7,308 in 2010 to 9,920 in 2011.
“The Miami real estate market exceeded all expectations in 2011, posting record sales that yielded rising prices,” said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS. “Miami is a very unique city in most ways, and the real estate market recovery proved no different. Miami is hot, and it’s not just the weather!”
The sales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) rose 16% in December, from 734 to 734, compared to December 2010. Sales of condominiums increased 22%, from 985 to 1,200, compared to December 2010.
“2011 was a remarkable year for the Miami real estate market,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “Unlike other markets throughout the U.S., Miami has recovered faster and stronger than expected and is poised for further growth and double-digit price appreciation in 2012.”
Statewide sales fell 2% to 6,836 for condominiums and 2% for single-family homes to 15,290. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 5% from November and were 3.6% higher than they were in December 2010, according to the National Association of Realtors (NAR).
In the Miami MSA, the median sales price of condominiums in December spiked 31% to $129,900 (£83,400) from a year earlier. The median sales price of single-family homes jumped 16% to $182,300 (£117,200).
Average property prices rise
Statewide median sales prices in December increased 4% to $91,900 (€69,640/£58,330) for condominiums and 1% to $134,300 (€101,770/£86,300) for single-family homes. The national median existing-home price for all housing types was $164,500 (€124,670/£107,000) in December, a 2.5% drop from December 2010.
“International buyers and investors continue to play a major role in boosting market performance in Miami,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Miami is the top area in the U.S. for international real estate buyers. These buyers from worldwide markets will continue to strengthen the Miami market long into the future.”
Inventory falls 40% in one year
The inventory of residential listings in Miami-Dade County dropped 39% from 24,278 in to 14,087 over the last year. Compared to last month, the total inventory of homes dropped 8%.
Currently, there is a 4.9-month supply of condominium inventory and a 5.8-month supply of single-family homes in Miami-Dade County, reflecting a very healthy marketplace. Total housing inventory nationally fell 9.2% at the end of December.
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