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2Q Sales Reflect Strength of Miami Housing Market

In the Miami Metropolitan Statistical Area (MSA), sales of homes – including existing single-family homes and condominiums – increased 49 percent, from 4,557 to 6,768, in the second quarter of 2011 and 15 percent from the previous quarter according to the 24,000-member MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service. This rise marks 12 consecutive quarters, since the third quarter of 2008, of increasing sales.

The Miami MSA posted the highest sales increases of any major metro area for condominiums and of all single-family home markets in Florida. Miami sales of existing single-family homes increased 31 percent compared to a year earlier. The sales of existing condominiums in Miami spiked 62 percent compared to the second quarter of 2010. Statewide sales of single-family homes increased 1 percent while that of condominiums increased 14 percent. Nationally, total state existing-home sales, including single-family and condo, declined 5.4 percent compared to the first quarter of 2011 and were 12.7 percent below the second quarter of 2010.

“Miami sales have increased consistently for nearly three years,” said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS. “Residential sales have exceeded last year’s levels, which were boosted by the homebuyer tax credit. International buyers and investors continue to fuel the Miami real estate market unlike any other in the U.S., resulting in rapid inventory absorption.”

Median Sales Prices
Short sales and foreclosures continue to have an impact on median and average sales prices for both single-family homes and condominiums especially in some areas of the county.

The median sales price for single-family homes in Miami-Dade dropped only nine percent to $178,800 in the first quarter. The median sales price for condominiums dropped six percent to $119,800. Statewide, median sales prices dropped five percent to $134,600 for single-family homes and two percent to $94,700 for condominiums. The national median existing single-family home price was $171,900 in the second quarter, down 2.8 percent from $176,800 in the second quarter of 2010.

“Current Miami sales levels are reflective of a healthy and balanced marketplace,” said MIAMI Association of REALTORS Residential President Ralph E. De Martino. “While distressed sales are still impacting home prices to some degree, many local areas and buildings throughout South Florida have been experiencing rising values for quite some time. We also continue to see extreme demand for bank-owned properties, resulting in multiple offers and a dwindling supply.”

Inventory Levels
Total housing inventory in Miami-Dade County has decreased 39 percent from a year ago and 13 percent from the previous quarter. Since August 2008, when home sales began to rise, local inventory has declined 64 percent.

About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating over 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 24,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.

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