Miami-Dade County continues to outpace Broward County in sales of condominiums, according to Realtor Association reports cited by the South Florida Business Journal, released today.
In Miami-Dade, sales of existing condominiums increased 54 percent to 1,316 in June 2011 compared to 855 during the same period of 2010. But sales decreased 7 percent compared to May 2011, according to the Miami Association of Realtors and the local Multiple Listing Service. Cash sales accounted for 73 percent of condo closings.
In comparison, Broward condo sales increased only 7 percent to 1,511 in June 2011 compared to 1,416 a year previous. Cash sales accounted for 80 percent of condominium closings.
“Healthy sales levels in Broward County have resulted in reduced housing supply, which is indicative of a well-performing market,” said Terri Bersach, president of the Broward County Board of Governors of the Miami Association of Realtors. “Prices have now caught up with rising sales, which is a very positive sign for the local real estate market.” [SFBJ]