Miami Condo Sales Increase 58 Percent In February 2011

Cash Transactions Represent 50 Percent of Closed Sales

Sales of existing condominiums in the Miami Metropolitan Statistical Area (MSA) increased 58 percent, from 545 to 859, compared to February 2010, according to the 25,000-member MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS). Sales of existing single-family homes rose 21 percent in February, from 445 to 540.

Statewide sales increased 29 percent to 6,984 for condominiums and 13 percent for single-family homes to 13,701. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops dropped 9.6 percent from January and were 2.8 percent below February 2010, according to the National Association of Realtors (NAR).

"In Miami-Dade County, sales continue to climb even though the median prices countywide are still seeing declines," said 2011 MIAMI Association of REALTORS Residential President Ralph E. De Martino. "But buyers looking for desirable properties in desirable areas will find that prices are already going up. For example, in the fourth quarter of 2010, 67 percent of oceanfront condos in Miami Beach were non-distressed sales. Compared to a year earlier, the median and average sales prices increased 12 percent and 22 percent respectively."

Inventory Levels Continue to Drop
The inventory of residential real estate listings in Miami-Dade County dropped 18.3 percent from to 24,792 in March 2010 to 20,264 in March 2011, according to the SEFMLS. Compared to last month, the total inventory of homes dropped six percent from 21,497. Total housing inventory nationally fell 3.5 percent at the end of February.

Days on the Market
In Miami-Dade County, the total number of days a property stays on the market dropped 5.1 percent to 108 days for single-family homes and 1.9 percent to 116 days for condominiums compared to a year earlier.

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