Figures from the Miami Association of Realtors show prices of condos have increased for the fourth consecutive month, and overall residential property sales look set to have ended the year on a high.
Sales of previously owned single family homes rose by 11% in November in the Miami metropolitan area when compared to the same month in 2010, while sales of previously owned condominiums increased by 2%.
The median price of a condominium now stands at $125,000, an increase of 18% when compared to the same time a year ago. The median price of a single family home has remained steady at $171,300.
In Miami Dade County the average price for a single family home rose by 8.2% to $324,846 in November 2011 compared to $300,369 in November 2010. However the increase for the average sale price of condominiums is even more impressive having risen by 21.5% to $226,151 in November 2011 compared to $193,486 in November 2010.
The chairman of the board of Miami Association of Realtors, Jack Levine feels these figures reflect the strengthening property market in spite of continued restrictions on mortgages.
Sales to overseas buyers still account for a considerable percentage of all transactions, as do cash sales. Some 79% of condominiums bought by overseas buyers were purchased with cash as were 41% of single family homes. As the excess housing inventory is being absorbed the effect of short sales and foreclosures on sales prices are decreasing as the market gradually becomes more balanced and healthy. In Miami Dade County the inventory of residential listings has decreased by 40% during the last 12 months from 24,278 to just 14,461 active listings.
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