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Miami property sales continue to boom
Date:-03-Aug-2011
Miami property sales continue to boom
Growing domestic and international appetite for homes in Miami is having a positive impact on the market with sales now at their highest level since the height of the market in early 2007.
Recent data released by the Miami Association of Realtors and the local Multiple Listing Service (MLS) systems shows that Miami property sales, particularly single family homes and condominiums, have increased substantially.
The data shows that sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA), for example, increased by a staggering 46%, from 972 to 1,420, compared to May 2010 and 1.1% compared to the previous month.
The outstanding performance of the Miami property market is exceeding most expectations, reflecting greater overall demand for buying property in Florida.
“The current performance of the Miami market is exceeding expectations, as we continue to see increased demand for local properties and higher sales levels than we have seen since the boom years,” said Jack H. Levine, 2011 Chairman of the Board of the MIAMI Association of REALTORS.
Levine reports that increasing demand is helping to absorb the glut of homes in the region, which is great news for the future prospects for the market.
He added: “Presently, there is only a 7.4 month supply of housing inventory in Miami-Dade County. Both U.S. and international buyers continue to take advantage of record affordability, Miami’s attractive lifestyle and weather, and other enviable local attributes.”
Despite the recent fall in South Florida housing inventory, record affordability is motivating buyers, according to 2011 Miami Association of Realtors residential president Ralph De Martino.
In May, 60% of closed sales were cash transactions. International sales, which are mostly cash transactions, represent approximately 60% of closed resales and 90% of new construction sales.
