Miami Condo Market Heating Up

by admin

Miami condominium sales have increased 46 percent in May 2011 compared to May of last year.

According to the Miami Association of Realtors, sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA) increased from 972 to 1,420 compared to May 2010 and also increased 1.1 percent compared to this April.

Jack H. Levine, 2011 chairman of the board of the Miami Association of Realtors, is quite pleased with this increase in sales.

“The current performance of the Miami market is exceeding expectations, as we continue to see increased demand for local properties and higher sales levels than we have seen since the boom years,” Levine said. “Presently, there is only a 7.4 month supply of housing inventory in Miami-Dade County. Both U.S. and international buyers continue to take advantage of record affordability, Miami’s attractive lifestyle and weather, and other enviable local attributes.”

International sales make up about 60 percent of closed resales in Miami and 90 percent of new construction sales.

Besides condominiums, sales of existing single-family homes in Miami increased 20 percent in May, from 727 to 875, and 5.4 percent compared to the previous month.

To learn more about statewide sales increases in Florida, click here.

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