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South Florida Home Sales Remain Stronger than 2010

Existing homes sales in September rose compared to last year, although sales were down from the month before, according to data released Thursday morning by the Miami Association of Realtors.

There were 848 single family home sales in Miami-Dade in September, up 46 percent from the same month in 2010, but down 10.8 percent from August. Existing Miami-Dade condo sales reached 1,319, up 58 percent on a year-over-year basis, and flat compared to last month.

In Broward, single-family home sales reached 1,079, up 11 percent year-over-year but down 8.9 percent from the month before. Condo sales totaled 1,281, up 6 percent from the previous year and down 8.4 percent from August.

Median prices in August were:
• $176,000 for Miami-Dade single-family homes, down 6 percent from last year.
• $116,000 for Miami-Dade condos, up 17 percent from last year.
• $188,800 for Broward single-family homes, down 7 percent from last year.
• $71,900 for Broward condos, up 3 percent form last year.

Cash investors continued to play a dominant role in the market, with 63 percent of all sales completed in cash.

“We continue to experience record sales activity coupled with rising median and average sales prices in the Miami real estate market,” Jack H. Levine, 2011 chairman of the board of the Miami Association of Realtors, said in a statement. “At the current sales pace, the local market is expected to reach 29,000 transactions this year, which would set a sales record and would surpass the sales volume during the height of the boom in 2005.”

In Florida, sales of homes and condos reached 21,702 in September, up 10 percent year-over-year, but down 6.8 percent for the month. Nationally, home sales fell 3 percent month-to-month, but were up 10 percent over September 2010 totals, according to the National Association of Realtors.

Miami Herald
TOLUSE OLORUNNIPA

http://www.miamiherald.com/2011/10/20/2463357/south-florida-home-sales-remain.html

This entry was posted in BROWARD, MIAMI-DADE, PALM BEACH, REAL ESTATE. Bookmark the permalink.

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Get In Touch

  • HomeRep Inc.
  • Real Estate Where Your Heart Is.™
  • 7930 Parsons Pine Drive
  • Boynton Beach, FL 33437
  • O: (800)HOMEREP
  • O: (800)466-3737
  • F: (888)466-3737
  • E: Info@HomeRep.com