Condominium Sales Continues to Climb in Miami

October 26, 2010 / Russell Legato, Residential Property Analyst

Condominium sales in Miami-Dade county continues to climb in September, according to a report released by the Miami Association of Realtors—a local realtors’ association. According to the report, there is a 36 per cent increase in condominium sales in Miami Metropolitan Statistical Area compared to the same month last year, and a 136 per cent increase compared to the figures in 2008.

Condominium Sales Continues to Climb in Miami

MIAMI Association of REALTORS’ Chairman of the Board Jack H. Levine said that condominium sales represent more than 60 per cent of the state’s real estate market and is do far the most compelling market in Florida.

Levine also said that single-family homes sales slow-down a little this month and its recent sales data is pointing to a developing market, especially when it is compares to other markets in the state and all over the United States.

He also added that it is still imperative to keep-in-mind that most county wide statistics can be misleading, as the market is experiencing escalating condominium sales and prices in different local districts, towns, and even specific buildings and projects.

The median price for condominium sales for September was $99,400, which is behind by 25 per cent compared to last year. The Statewide median sales prices decline by six per cent to $133,400 for single-family homes.

Foreclosures and short sales continue to have an effect on average and median sales prices for both condominiums and single-family homes, particularly in some districts in Florida.

According to the report, this is the maximum increase in condominium sales of any major urban district in Florida.

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