News / Business
Miami Condo Sales Up 37.2 Percent In January 2011
10,698 Homes Sold in Miami in January
Total cumulative pending home sales in Miami-Dade County increased 28 percent in January compared to 2010, from 8,388 to 10,698, and 2.5 percent, from 10,437, compared to the previous month according to the MIAMI Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS).
Pending sales of condominiums in Miami-Dade County continue to outperform that of single-family homes. In January, condominium pending sales increased a significant 37.2 percent compared to a year ago, from 4,647 to 6,376 and increased 3.3 percent from 6,173 the previous month. Pending sales of single-family homes in January increased 15.531 percent from the previous year, from 3,741 to 4,322, and 1.4 percent from the previous month, when pending single-family home sales totaled 4,264.
The Miami-Dade real estate market continues to experience drops in housing inventory. Inventory for all housing types has dropped 47 percent since mid-2008 and eight percent compared to a year ago. Just over the last month, inventory in the county dropped six percent, pointing to increased demand for local properties.
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