The Florida property market continues to show signs of life, as sales of condominiums in Miami have increased by 46% over the last year, and sales of family homes have improved by 20%.
In May, sales of condominiums increased by 1.1% on April while house sales increased by a respectable 5.4%, according to a report from Miami’s Association of Realtors. An incredible 60% of closed sales were cash transactions, while international sales accounted for 60% of this figure. International sales accounted for 90% of new construction sales.
It’s not just Miami that is seeing a turnaround in the market, as sales throughout the whole state have increased. Condo sales have increased by 17%, while single family home sales have increased by 3%.
According to Jack Levine, chairman of the National Association of Realtors, the performance of the housing market in Miami is exceeding expectations, with sales now at their highest levels since the boom years.
At the moment there is just a 7.4 month’s supply of housing, as both international and American buyers take advantage of bargain prices. However the high number of foreclosures and short sales is continuing to have an effect on the market, as 57% of all closed sales during April were distressed in some way.
The good news is that prices seem to be gradually recovering in Miami, as even though prices for single family homes in May were 8% lower than a year ago, they had increased by 7% from the previous month. Condominium prices were 1% lower compared with a year earlier, but had increased by 7.4 compared with April.
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