Miami Real Estate: Miami Residential Sales Spike 49% in 2Q, Reflects Strength of the Market

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By Michael Gerrity
Based on a new report from the Miami Association of Realtors, 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. 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.
Vanessa Grout “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.”

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