Miami condo sales jump 63 percent

Axis in Brickell

Sales of existing condominiums in Miami increased 63 percent in October compared to the same month a year ago,
while sales of existing single-family homes in Miami were up 41 percent, according to a report from the Miami Association of
Realtors. “We are encouraged by the record-breaking performance of the
Miami real estate market this year,” said Jack Levine, chairman of the
board of the Miami Association of Realtors. “Rising demand and limited
supply is yielding higher average and median sales prices, and we expect
to see double digit appreciation in 2012.” International buyers
continued to fuel deals, especially all-cash transactions. The median
sales prices for condos rose 8 percent to $117,900, with the median
single-family price decreasing by 12 percent to $174,600. — Alexander Britell