Miami Real Estate: Miami Condo Sales Spike 54% Year-over-Year in June, Home Sales Rise 35%

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According to the Miami Association of Realtors local Multiple Listing Service (MLS), sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA) increased 54 percent, from 855 to 1,316, compared to June 2010 but decreased seven percent compared to the previous month.
Sales of existing single-family homes rose 35 percent in June, from 686 to 923, and six percent compared to the previous month. In June, 59 percent of closed sales were cash transactions.  Cash sales accounted for 39 percent of single-family and 73 percent of condominium closings. Statewide sales increased eight percent to 7,941 for condominiums and dropped four percent to 17,597 for single-family homes.
Nationally, sales of existing single-family homes, town homes, condominiums, and co-ops decreased 0.8 percent from May and remain 8.8 percent below June 2010, according to the National Association of Realtors (NAR).
“The Miami market has taken a lead position in sales growth and strengthening compared to the rest of the nation,” said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors.  “Current levels of supply and demand denote a healthy market that is expected to outperform others throughout the U.S. long-term.  The demand from foreign buyers and investors, the expansion of the Panama Canal, and the vibrant tourism industry are just some of the factors that are expected to have positive effects on the local economy and real estate marketplace.”
Prices Continue to Stabilize. The effect of short sales and foreclosures on the median and average sales prices for both single-family homes and condominiums has lessened particularly in some areas of the county.  In June, 57 percent of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 60 percent a year earlier.


About Pamela's Blog

Pamela Diaz-de-Leon With an accomplished background encompassing Diplomacy, Architecture, Business and Film, Pamela Diaz-de-Leon brings to the real estate industry the entrepreneurial expertise which stem from her interdisciplinary experience. Her world wide network of distinguished personalities carefully knitted of relationships formed in her five years as the Cultural Attaché for the Instituto Cervantes, serving the King of Spain, in Chicago, and her Hollywood connections acquired while working with a recognized film distributor, give her the global platform in which she has developed her business with great success. Knowledgeable, informed and organized she holds ethics and integrity as her highest values thus, providing her customers with an excellence of service that ensures their utmost satisfaction and their continued loyalty to her work. Office. 305.677.5055 Cell. 305.720.8439
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