Miami Home, Condo Sales Spike 71% Year-over-Year in Q1

---

(MIAMI, FL) -- According to the Miami Association of Realtors, Miami metropolitan statistical area (MSA) residential home sales (existing single-family homes and condominiums) increased 71 percent in the first quarter of 2011, from 3,450 a year ago to 5,910, and 26 percent from the previous quarter.  This rise marks 11 consecutive quarters, since the third quarter of 2008 of increasing sales.

Miami sales of existing single-family homes increased 47 percent in the first quarter compared to a year earlier.  The sales of existing condominiums in Miami spiked 91 percent compared to the first quarter of 2010.  Statewide sales of single-family homes increased 13 percent while that of condominiums increased 29 percent.

"First quarter figures indicate sales this year should surpass levels in 2005, which was the height of the real estate boom," said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors.  "The Miami real estate market has generated much excitement and positivism in this strong first quarter, as international and domestic buyers continue to be attracted to our global city and the lifestyle and benefits it offers."

Median Sales Prices

The median sales price for single-family homes in Miami-Dade dropped 20 percent to $153,600 in the first quarter.  The median sales price for condominiums dropped 31 percent to $94,200.  Statewide, median sales prices dropped six percent to $123,600 for single-family homes and 16 percent to $80,700 for condominiums.

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.

"Almost 50 percent of closed sales in the first quarter were bank-owned, said Miami Association of Realtors Residential President Ralph E. De Martino.  "These bank-owned properties are selling almost as quickly as they come on the market.  Currently, there is only a 20- and 30-day supply of bank-owned condominiums and single-family homes respectively in Miami-Dade County.  These rapid rates of absorption reflect the demand that exists for local properties."

Inventory Levels

Total housing inventory in Miami-Dade County has decreased 26 percent from a year ago and 22 percent from the previous quarter.

 

---