Miami Real Estate Market Forges Ahead With Sales and Prices

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By Ray Clancy
Sales of residential property in Miami, Florida, are continuing to rise as the area records sales activity and leads the real estate recovery. Sales of existing single family homes in the Miami Metropolitan Statistical Area (MSA) rose 46% in September, figures from the member Miami Association of Realtors show. Sales of existing condominiums increased 58 and statewide sales increased 10%. Nationally, sales of existing single family homes, townhomes, condominiums, and co-ops declined 3% from the previous month and but were 11.3% above September 2010, according to the National Association of Realtors (NAR). ‘We continue to experience record sales activity coupled with rising median and average sales prices in the Miami real estate market,’ said Jack Levine, chairman of the Board of the Miami Association of Realtors. ‘At the current sales pace, the local market is expected to reach 29,000 transactions this year, which would set a sales record and would surpass the sales volume during the height of the boom in 2005,’ he added.
International buyers are adding to the number of cash sales. The percentage of cash transactions rose to 63%, up 1% compared to the previous month. Cash sales accounted for 42% of single family and 76% of condominium sales. Nearly 90% of international buyers in Florida purchase properties all cash while nationally, all cash sales accounted for 30% of transactions.

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