The Real Deal Miami

Miami condo sales up 60 percent

September 22, 2011 10:22AM

Sales of existing single-family homes in Miami rose by 49 percent in
August to 951, with condo sales jumping 60 percent compared to the same
period in 2010, according to data from the Miami Association of
Realtors. While the median sales price for single-family homes fell one
percent last month, condo sales prices actually jumped 13 percent. The
average sales price in Miami-Dade County rose 13.5 percent. “The fact
that home prices are rising despite distressed sales that account for
the majority of sales is indicative of very positive trends in the Miami
marketplace,” said Jack Levine, MAR chairman of the board. “If prices
are rising for countywide figures that include distressed properties,
strengthening would be that much greater if distressed listings were
eliminated or reduced. We believe the Miami market in terms of pricing
has bottomed.” — Alexander Britell