Record Miami condo activity fuels Florida’s rebounding home sales market

From the South Florida website: Florida sales activity jumped 10 percent in September for both condominiums and single-family homes compared to the same month a year ago, according to a National Association of Realtors report released today, thanks largely to huge increases in South Florida sales volume.

The condo market in the Miami area showed the greatest strength of any market in the state, as prices are on the rise and activity is at a record pace. The median price of a condo in Miami spiked 17 percent since last September, while activity rose 58 percent, bringing the 2011 sales pace to 29,000 transactions. According to the Miami Association of Realtors that would surpass the record set in 2005, even if prices are lower today. Miami single-family homes also performed well, as sales volume increased 46 percent year-over-year, although the median price dropped some 6 percent to $131,000. — Adam Fusfeld [more]