After considerable 2011 gains, South Florida home sales are slowing down.

South Florida home and condo sales have been the talk of the town this year, surpassing the expectations of analysts and shattering the records of the housing boom; but 2011’s record sales have dwindled in the past couple of months, according to a recent article in the Miami Herald, though a strong increase in demand for condominiums by foreign investors is likely to continue, say local consulting experts.

Sales across the board posted strong year-over-year (YOY) totals, but were down monthly. October condo sales in Mimai-Dade County were up 63 percent (YOY), but down 8 percent from September. Home sales rose 41 percent YOY, but were down 9 percent from September. In Broward, condo sales rose 7 percent in the October YOY, but were down 10 percent from September.

Home sales have increased 16 percent in the October YOY, but down 8 percent from September, according to data cited by Toluse Olorunnipa, author of the Miami Herald article, “South Florida home sales up, but pace is cooling.”

“Most people see this as an unbelievable time to take advantage of the low prices, but the problem is financing,” said Dawn Wellman, a Miami Shores real estate agent.

Difficulties in obtaining mortgage loans have resulted in the majority of sales being made by investors. In October, cash buyers made 60 percent of home sales and nearly 80 percent of condo sales in South Florida.

The influx of foreign investors in the South Florida market, particularly in condominiums, has raised the median price of condos, which are up 8 percent in Miami-Dade county in the October YOY and 25 percent in Broward in the same period.

“As economies in Latin America continue to increase and grow, and the value against the dollar continues to grow in those countries, all of that is going to fuel continual buying in the condo market,” said Jack Winston of Goodkin Consulting, a Miami-based consulting agency.